Two years ago I purchased vacant land in Grand Junction, CO that is zoned so that I can build commercial, residential, multi-family or any combination thereof.

I see now that her reasoning is probably a combination of what you have said and what @Charlie MacPherson has said.

It's rare that you can have an LTV over 80% and still cash flow.

. $55,000 purchase $30,000 rehab (Combined is $85,000 but in the calculator it won't allow you to add interest to rehab cost).

I usually like to use 15% combined.

Are you thinking of combining funds as a partnership, or would they be simply a lender? 

:There's ALWAYS a 'seminar' being held in some vacation location, even cruises have been known to have them :)Very rarely is a seminar on a cruise deductible. 

@Andrew McCotter I recommend doing a combination of both.  

You can have the property paid off in a few years and you'll be interested in refinancing the cash-out to grow your portfolio and you'll probably be capped at 60-65% LTV (depending on the lender).Very rarely do I see condos cash flowing nicely.

It's a rare find.