I am not an accountant, I probably need one, I just want to understand a few things a little better.Also, I couldn't find a forum for Accounting, this may be misplaced but it felt like the best fit.

If it can close in about 3 weeks then a commercial/portfolio type of loan might fit it better. 

Does this property involve a TK provider? 

Don't change your guidelines to make it fit.

For instance, I considered what if I structured the deal to where I find a good deal that fits my cash flow requirements, my proposed partner puts the money to purchase and fix the property, we own it 50/50 or even 75/25 (in favor of the partner) but I do the work to manage it and also keep the cash flow.

Find a commercial mortgage broker in your city, they represent multiple banks and can find the best fit for your deal.

I've had tenants for 3 years on a lease option of my property.  They've paid 5k up front and have made all rent payments.  We're to the point of exercising the option now, but the title company wants a letter from my ...

Ask yourself, will it fit a family of 5 or 6?

Though, I have never been a landlord per say, I feel this is a great fit for me.

I did not know exactly where I would fit in over on this side though.