They need to be the right fit for the group. 

Thanks so much!

It is somewhat complex to try to explain on a forum, but at a high level, you (aka GP) and your family member (aka LP) would agree on how much the 2 of you would put in for the amount of equity needed (usually expressed as a %).

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

There's so much growth potential in Columbus Ohio and the best way I can characterize this market is it provides good positive cash flow but amazing appreciation potential.

Hi David learn what you need here on BP.  

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

In addition, the Grantor will probably be required to sign the same seller's affidavit that are needed for a non DIL closing. 

I am trying to find a mentor and I feel like working for a corporate wholesaler might give me the experience I need to turn my little $175,000 chunk into a rental property business one day.

I already have an investment analysis workbook built that tells me everything I need to know to make a purchase decision, NOI, COC, ROI, and if the property will achieve the appropriate coverage ratio to be funded.