Problem is, a new house would never command a sale price equal to the cost to build it in those areas!!!

You pay an interest rate equal to the G fund (very low).  

Don't get me wrong, they still look at you and want to see your net worth equal to the loan amount and solid cash reserves, but they also look at the property.

It would take 83 years for $1200 per year to equal an all cash down payment of 100k

If you are flipping you can start in a couple different waysOption 1: base ARV off comps, not all multifamilies are created equal and depending on the area and particularly the condition this could lead you astrayOption 2: base ARV off cap rates which will need to be determined after rehab, and then price accordingly.

My wife and I are going in with another couple and are going to be equal partners.  

I use an early termination clause that allows early termination of a lease should the tenant pay a fee equal to two months of rent.

Not worth the headaches of violating HOA rules or putting oneself in legal jeopardy to do so, better or equal investments can likely be found.

We all get equal shares of it but some people have way to much of it and some people don't seem to have enough of it. 

You could make a payment to him equal to his payment and put your 10k into the house.