One with skin in the game ($$) would also allow you more flexibility and to potentitake on larger projects. 

and no one advertises they do 500 mil dollar loans.. so you now know that all of those guys are frauds .. and that there is no 5% money.if you want to find out current rates for Private/HMLI like to recommend Lendinghomes website it has a easily readable pricing matrix.. and of course they are real. while you may find some cheaper money.. from say Conventus .. you also need a lot of skin in the game and you need experience.. 

What you are overlooking is that you going to need some skin in the game...its usually called MOOLA...

You are possibly leveraged too high to make this deal with lender. they may be skeptical, because you may not have enough skin in the game(YOUR MONEY) some one financing the down payment is normally a no from a lender on investment property

Make the payment similar to his rent so you know he can survive and pay on time .I’d rather have the guy give some money down so he has skin in the game . 

But if you have thick skin and can deal with some BS, there’s money to be made there. 

Just a few ideas, but there are a million ways to skin this cat, it's exciting to think about.

I got paid off you got the house.. and in those days you usually got 5 to 8 grand back in cash out... now that was too aggressive and when landlords turned the keys back in in 08 to 2012 it was usually those with no TRUE skin in the game..

I thought it was better to bring him in as a partner (with skin in the game as well not just sweat equity).

If he’s getting under your skin, you really should consider evolve.