Is there a alternate way to structure it, please suggest.

A cash-out refinance or home equity line of credit (HELOC) can be powerful tools to keep your momentum going.Focus on Stability:Look for investments in areas with strong job markets, population growth, and consistent rental demand.

Then he is going to hire subcontractors to do the job and you are going to pay them for that work as well.  

Prior to diving in I would suggest a few things: I agree with @Kevin SobiloInvest in relationships and knowledge before taking the leap1.

Could you please suggest how I can start and what steps I should take?

Hi,I suggest you create a bank account with one of the bigger banks in your area that has many locations.  

I lost my job in July.

@Brittany MyrickIf I were getting started in real estate investing in New England, I’d focus on researching local market trends, especially job growth, rental demand, and the broader economic outlook.

Many months of costly vacancy, local market rent & resale deteriation, special assessments, property taxes and maintanance fees suggest a quick sale would have been the wise thing to do 2 years ago.

It's an amazing market here with so much incoming growth due to population growth, job growth, and companies moving/developing here!