I personally I haven't encountered anything resembling a ghetto in Owings Mills, but my travels have been very limited.

Resembles one of the "Rehab addict" house. estimated CAP Rate over 20%  

The problem I keep running into is there are no recent sold properties in the same neighborhood that resembles the subject property.

Yes, condos are not without their challenges, but I find most of those issues vanish if you stick to higher end condos and stay away from low-income units that virtually resemble "The Projects".

If the HML is securing his mortgage with the property then that does not resemble a cash down offer.

They'd usually rather have you do a short sale, at something resembling current FMV.

The structure resembled most of my SFR mortgages, however their terms are not as lucrative as mine are (such as 10yr notes vs my 30yr fixed notes).  

You’ll be able to close in a LLC and it resembles a conventional loan in terms of structure (30 year FRM). 

However he is quite busy with his own projects, thus my plan would be to take on the full responsibility of getting the project from A to B so that his roles and responsibility would resemble something like:1) Down payment capital investment (split between us so that I have some skin in the game too)2) Be an advisor for the project in order to ensure that I am heading in the right direction3) Using his network on contractors to get the jobs done while also staying within the reno budget

I reviewed their prior lease, on tenant has 2 boston terriers and the other tenant has a mix breed that "resembles a pit bull."