Now currently looking for HML that will lend to a first time rehabber. someone gave me a suggestion to joint venture with someone.

The structure would be a joint venture.

Very few people at small local joints are making 50-60k..  

I went to pick up some food yesterday at a hamburger joint I always loved.

Research how to put together a Joint Venture Agreement or find an attorney who would be able to act on your behalf.   

We filed jointly and our income property is in both of our names.

I would go with cheap Male/Female or any sex large rooms, with a joint bathroom and kitchen area. 

The terms can always be restricted based on who's bringing what to the table, but in generality you are looking at a active and passive joint venture agreement.Have you not taken on any partners until this point?

The easiest way to make this work if you have a regular W2 that you don't want to quit is to have a spouse that doesn't work and file a joint return.

Joint venture.