Loan seasoning requirements are usually based on the note date and the loan purpose, like cashout refi. 

@Chris Pratt Since single-family houses with ADUs are not considered commercial properties, they are not priced based on income or cap rate.

Allocate equity based on contributions: you provide the $235K HELOC and management, while your former boss contributes renovation expertise and labor.

I'm California-based where there aren't any real deals in my area, so I'm exploring Detroit as an alternative real estate investment market - due to the combination of it being a strong market and my having connections in the area. 

I'd underwrite the deal as any other - make sure you are conformable with the quality & tenant base. 

If its the business then asset based lenders may be interested.

Lenders can have different loan options based on the property type and the amount of rehab (if any) required for the project. 

Based on this experience, I feel I have a fair sense of what pricing should look like.Do you have any supplemental carriers you’d recommend?

From someone asking for help based on the success they saw us having. 

This^^^^^Unless he is loaded with cash reserves and can take a loan out based on his liquid reserves.