I told him option 3 didn't make sense because let's say he bought 4 houses or ~$1 million in assets, I would only net ~10k with double our current workload and no predetermined timeframe.

This looks like a partnership (because of the 50/50 split instead of predetermined interest payment) with one partner being a manager who will handle the project and the second is the cash partner.

The lending policy also establishes pre-determined lending authorities for loan officers commensurate with their abilities and experience.

I've learned through mistakes that always having a good opportunity in the acquisition or a value added opportunity that puts me in a good equity position at a predetermined time makes a deal.Jeff B.Jeff B.

If the return takes longer than a predetermined time we would cash out refinance to repay the partner/lender and also keep the property.What does everyone think?

The appraisal was not limited has you suggest.CapRate is an after-the-fact datum NOI / PurchasePrice and not a causal predeterminant. 

Soooo, what I'm trying to say is that a refinanced mortgage doesn't have as much potentially negative effect on your score, as long as you make the pre-determined payments, while a credit line can really negatively effect you, if you use it to buy other real estate and use too much of it and now your score is too low and you can't refinance that property into a mortgage. 

They told me it would be an 80% LTV based on the appraised value and the interest rate would be around 5.5-6% for investors.Edit to Add: The lender also told me the HomeStyle loan could be used on any property, not just certain pre-determined properties like the HomePath loan was.

If after a total of 3 months we still haven't sold the property, the flip company will sell the property to the buy and hold company at a predetermined price, thereby guaranteeing the flip company a minimum profit.

However, these lenders typically have predetermined agreements with wholesale lenders (FNMA as a prominent example) so if the correspondent lender wants to sell the paper, they have to abide by the rules of the lender who ultimately will end up holding the paper long-term.