If you don't get the soldier joint done correctly it will leak and eventually you will regret that.

@Steven Westlake I normally use Joint Ventures for simple partnerships.

I have never had PEX leak, but I have had multiple copper joints drip over the years.

Looking to do another Joint Venture of this deal structure.

And several options are available for passive investors (as you touched on, @Lauren Feltz): joint ventures, funds, and partials.

Mine leaked because of age & poor copper soldering joints & then I found a lot of old buried shutoff valves leaking. 

Right now I am looking into a structure like this:-Borrow from an individual with an IRA -> convert to a SDIRA-Make loan interest and principle payable at the end of term (because it's an IRA)-Structure similar to a construction loan with monthly drawdowns of about $5k for the highest probability of success with direct mail-Possibility for an equity component: pledge a percentage of profit along with normal interest in the promissory note (a joint venture)Would this be attractive to a potential investor considering I am wholesaling in California and the average fee is $15k-$20k on the lower end?

In your experience is there a better way to go about making an offer on this type of property that will not offend the seller (or get a knee jerk NO), while maintaining the low number you are looking for in a deal like this? 

I'm wondering... if I get an FHA loan and buy a 4-plex to owner occupy, and if I put another person on the deed who is NOT on the mortgage, would gift taxes be triggered? And if so, how are those calculated? If the 4p...

This way you only have holding costs of 6 months or so.If you are going to partner long term with a private lender, as in ownership on the property is held in a LLC or joint-venture, then provide the sweat and they provide the equity.