You might be able to convince a seller to hold the mortgage note (ie seller financing) and have you pay them in regular installments, but even in this scenario the seller would typically request some sort of initial down payment.

I was chided for "giving legal advice" on another post when I was telling about my experience, so that this does not happen again I'll say I am not an attorney, just a regular investor passing along what I was told so you could compare it to what you have been told by your attorney. 

That is too volatile to give larger regular loans on commercial properties.

If your budget is $150k you're going to have a tough time buying here - right now there's only one house on the market below that price and it would require at least $60k in renovations.The Riverside and (adjacent) Avondale neighborhood regularly ranks in the top neighborhoods in the country, and values have risen steadily for years now.

Account Closed Will you be using this guy on a regular basis? 

You do a reverse construction exchange and your intermediary takes title to the lot and holds it until the construction is complete and you can take title to complete your regular exchange. 

Someone posted a very great mention about staying slightly under comps (as this helps keep up the good relationship with the tenant---because they feel they are getting a good deal) and it also gives you room to go up if you need to (for reasons outside of regular rental increases that sustain with inflationary demands).

Then I would use another version to file our regular taxes?

Just get a regular construction loan.

The first being that the shorter the hold period the higher the IRR and the velocity of money is increased.The second is that the majority of a sponsors compensation comes after a capital event (sale/refi) when they get into the "promote" or carried interest.