Use it as a down payment or even pay full cash using it, but make sure that property has an exit strategy ready to execute in less than a year.not only is this good financial sense, it's also how banks judge your creditworthiness when they look at your heloc activity.

Even though you may be 'doing the right thing' to keep your business alive, it will not seem like that to the public.Getting  out-of-state money in the picture is nice because you transfer risk to (typically) more credit-worthy buyers as you run your flips.

The goal here would be to split all profits and non-mortgage expenses 25/75 (he is responsible for mortgage expenses and will handle the interest deduction on his personal tax return).Lets assume for the time being that he is quite credit worthy, the lender is okay with the title transfer if he provides a personal guarantee and I am okay with the external lien on the property. 

Not having a 1003 is not a big deal but can give way to borrower defenses of lack of ability to repay or credit worthiness.  

LLCs are not creditworthy.

I'd rather a slightly lower rent with a more creditworthy tenant.... if I do have to evict, I will certainly take a more proactive role in setting rent and screening tenants.

Credit Worthiness and DTI will determine.

Investors have money to buy but wondering about  magic of renters paying capacity and credit worthiness. 

She accepted my several letters of recommendation with a smile and told me the bank would take them into consideration when trying to ascertain my credit worthiness, as none of the properties/mortgages in my portfolio would be on a credit report.

When you did your 1st deal how creditworthy were you?