After analyzing the deal further, estimating holding costs, realtor fees, monthly costs on hard money, estimating the worst case scenario of it taking three months to sell (average time here is 43 days), rehab costs, insurance, etc., I am pretty sure we need to pull out. 

It's the old plan for the worst and hope for the best scenario.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.PM us if you’d like to discuss this logical approach in greater detail!

Work out some sort of split that is fair for what each will contribute and jump in!  

I foresee that we are at the point where we need to really hone in our processes and procedures, so that we can scale well because we have just sort of been shooting from the hip.

The worst answer you'll get is a no. 

This way, you have your cap stack sorted up front and you can fully focus on identifying and taking down deals. 

I had built up an almost $4mm net worth, most of which was in this property (a big mistake) and we were going to have to sell at the absolute worst time ever.

Be prepared to document where that cash came from - in your case, that's easy, your HELOC.Would be happy to help you with that sort of transaction if you want to reach out - I find a lot loan officers are unfamiliar that this option even exists. 

You need some sort of tile or waterproof sheets going up the walls to the ceiling.