The payment is roughly $260 a month.

The only item I would suggest is double check the payment terms of the your HELOC... in particular, can you pay interest only or are you required to pay a portion of principle each month on the amount utilized.

I'd be seeking someone to fund the down payment of the deal and I would be responsible for property management/bringing in funds for initial renovations for a profit/split.

When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

What would standard down the payment be? 

Plus, I'd prefer to take baby steps before investing out of state where I could better afford a 25% down-payment.

If your loan is $110K then the payment on the 15 year would be $927/month at 6.15%; 30 year option at 6.625% would be $690.

You want to buy real estate with no savings, which even if you can scrape together a 10-20% down payment, means you will have no cushion to fall back on when the inevitable surprise expense happens. 

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

If the prospects look financially shaky or sketchy, I ask for the name of a co-signer - and collect payment for a background check on them.Verbally, I also ask when they are interested in taking occupancy, and I tell them the application will be made part of the lease agreement - that I can evict them if they've lied in their application.