I have a clause in the promissory note, in cases of default, i will become the lien holder for the underlying property.instead of sitting an waitng why don't you buy some good perfroming notes those are available every day and you don't have to wait and are vetted with good borrowers.. returns are a few bps less but for the most part with most folks I suspect they will do better than trying NPN on their own. 

@Suki Su it all depends on the party from whom you borrow, I would budget 25% of the total amount that you need to borrow as I believe that is what you’ll find most commonly but again it all depends on the lender

In the interim, what would you pay your family for the borrowed money?

It also has some built in calculators as well.Rentometer.com - You also can use this to assist in determining rent ranges.Permits and Enforcement searches - http://permitsandcases.indy.gov/citizenaccess/This is my absolute favorite tool for research.

Here's where it gets odd.Jack wants me to be the sole borrower on the property, on our joint project.Jack wants me to not tell the bank about my source of rehab funds because it'll "complicate things with the bank"The bank has capped my borrowing limit at $250,000, which is above the necessary $295,000 to do the deal.As a workaround, Jack will be the sole provider of rehab funds (personal funds, cash)Jack wants me to give him one of my personal checks so he can write future offers.Is this a strategic way to expedite the rehab-lending process?

You won't be able to borrow more than the maximum LTV the lender requires.With a refi, it is possible to do a "cash out" refi and get some cash as part of the transaction. 

I offer assistance with digital marketing to probate leads.

If there is anything I missed, please feel free to respond and I'll assist if I can....

[Unused borrowable equity - is dead equity!]

Can anyone give me an idea of what market prices have done there over the past 3 years, or point me toward a local pro that could assist?