There is often a minimal annual fee.

Consider mistakes as an opportunity, to learn; however, with the right people, in your corner, you can be steared, in the right direction and mistakes minimized. 

What you will find out by calling around is the national banks and regional banks are a waste of time to even call if you are looking to cash out within 6 months. 

.- No/minimal overlays investor friendly lender will be required. - Mortgage lenders are not expected to source where they got their money from, so your partner's money can come from basically anywhere.

Chicken and Egg: I can't seem to (so far) get a lender that will work through the scenario with me, so I don't otherwise waste everyone's time.

Once a good amount of time has been wasted during the inspection period, come to the sellers with the list and a realistic total estimate that you have for the repairs.

Don't waste the money and time until you know if you are good at it and like it. 

I never could understand why agents would actually work with buyers buying the cheap $25-$50k condos here, getting a commission of 2% or so after fees and splits....just an absolute waste of time.I’m sure you can find agents to handle your property for 6%, this agent is just telling you it won’t be them.  

@Brian GarrettDefinitely leaning towards this decision, for the minimal cash flow this would pay after all expenses are accounted for.

You are totally wasting your time, and everyone else involved in this deal.Not only do you need EM, for a REO or any other half way informed seller/listing agent, you also have to show the Abitlity To Actually Buy The Property, in Your name, for your offer to even be looked at.