We've seen this soooo many times in our Detroit market:(Have actually had owners choose not to do business with us because their previous PMC didn't require it - so, they thought we were the incompetent ones.Have also seen incompetent PMCs wiring funds internationally to owners - and these owners not having an ITIN, EIN or SSN!

Assume break even cash flow while rented which includes a generous $600/mo repair fund. 

Almost every reputable lender is going to have a draw process for any lender funded rehab portion. 

Your name and credit would stay with the existing note, which you would keep paying on - ideally yourself with money you receive from the "buyer", because if they don't pay your credit is wrecked and your house is in foreclosure.If you search on here you'll see everyone and their brother looking to do Subto and it's a nightmare unless the buyer has the funds to pay the note off if/when the original lender figures out you don't occupy the property any more and are attempting to do what you want to do, since most loans are going to specify that performance.  

They can sometimes be more open to funding niche investments like mobile home parks, especially when you’ve got proven cash flow and a solid plan.Another option could be talking to your uncle about seller financing.

One of my connections will fund the rehab for less and give it all to us on the upfront to finish the project at a lower cost.

Then you'll have to figure out how you fund the project (land purchase + build costs).

Agents just need to make sure their clients are serious and are going to be able to get funds when making offers on deals.

I don’t completely understand how I could best put my money towards a rental property or fund one with the income that I am making.

You need an outside source of cash flow to fund the in-vesting.