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 %).

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.

Hi David learn what you need here on BP.  

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

Personalizing your message to the individual recipient is the best way to avoid this.Dear Mindy, kindly i need the ban to be waived also please, i had no idea about the copy/paste detection, so kindly if you can to waive this ban and i’ll stick to the rules.thanks in advance for your kindly support.

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.

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. 

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.

Here is how some steps are categorized.Performing Loan30 day lates90 day latesAssignmentNotice of Default VA loanNotice of Default FHA loanNotice of Default Conventional loanNotice of Trustee's Sale/Notice of ForeclosureLis PendensContinuation/PostponementLoan ModificationReinstatementBankruptcyAuctionReal Estate OwnedThere other possible steps, but these are what you will typically see.The key is to know what you can do in each of the steps in the state the property is in.Then you need to know what to avoid and what the options are for the owner and options available to the lender.

Private lenders are certainly an option but a fund structure would be much more efficient and scalable.