Part of the problem is that I don't have a huge bank roll to get started.

Ask them to co-partner on a deal with you.If you need money to survive you will need some time to get going with a job to build bankroll.   

Problem is most people lack at least one of those qualities.Ask him what his bankroll is (should be separate from savings), how long he has been playing poker, and what stakes and type of game he plays.

Which would you cut back/add to, if any, in order to build a bank roll for RE investing.

Brokers usually can bank roll this kind of operation but not a single real estate agent so you may have a long way to go to build up to something like this and I would definitely have the back up and consultation of a real estate attorney on my team. 

Also not to get too into the military benefits but I have a lottt of free schooling available, like roughly 8 years worth.. not that I intend to go to school that long.I understand that it takes time to become a full time investor and that I will need income to bankroll my investments, and to receive loans etc.

Where bp seems full of investors that started out purchasing a quad for like $29k in some farmtown, starting out here is going to be a challenge that's going to depend entirely on your ability to bankroll.

You'll get that back, along with your profit when you sell.If the lender wants you to put in, say, 20% of purchase and 20% of rehab, then you will need that in addition to the 15%.Fix and flipping is not really feasible unless you have a pretty good starting bankroll.

Sounds like your buyer would bankroll (cash or construction loan) the entire project which you'd manage and then u split the perpetual cash flow and appreciated sale value 

The monthly payments on the HELOC would be your cost for maintaining access to the bankroll of funds.