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 . 

I kind of get the impression that local friend is irritated as if I just wasted her time.

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.

Not interested in a no-money-down strategy as I am looking to REPLACE my income as fast as possible so I'm willing to put a little skin in the game.  

I mean you don't see Me with Oregon and Ca properties running adds in Cleveland for you folks to come buy my properties. but you see all sorts of these companies that advertise their properties out in the areas were the residences are much more investor centric than were you live.. but this started in 2000 or so I started funding out of state folks in 2002 and been doing it ever since.. however its tightening its finally got to the point were the recycle like you talk about has really calmed down.. as a whole the buyers are smarter and PM s do a better job.. and the investors have skin in the game so they did not walk from rentals like they did in 08 to 2010..  

If you demonstrate that you are willing to take risk with your own skin in the game (HELOC), they are more likely to loan money to you, and at a lower interest rate than someone who has no experience.