We would buy the land outright and then through our local bank connection that we've done deals with in the past have them help fund the build out with interest only until with hit a certain lease up %.

Is it worth the time to put offers on bank owned property?

Local bank financing would require an additional $350-$500k towards the down payment. 

Make sure all property income and expenses flow through the LLC’s bank account moving forward.I recently had a client in a similar situation who waited six months after closing before transferring their property to their LLC.

If you have questions about the ability to obtain loans, you'll want to make sure whomever you partner is very "lendable" with banks.

TIAErich your best bet would be to amortize it over thirty with a 5 year balloon. the issue with private lenders  vs. banks is private lenders use their money to lend and many times it may not keep up with inflation - so lending for that long does not make sense.

He does have 100k in the bank.

Looking to build a relationship with a bank, that offers portfolio loans.

Alternatively you can invest in better neighborhoods, perhaps be forced to leave some of your cash in the real estate but experience meaningful appreciation or if you choose to sell, be able to turn the forced appreciation into cash in your bank account.

Does anybody know any banks that would be easy to open a business checking account without my partner's physical presence?