I have arranged my investments such that the more expensive it gets, the more I make, but have also successfully hedged my bets so that if it does not get more expensive, I will still do very well ... heads I win big, tails I win small, but the house always wins and I'm the house.

@Leona N.I presume you are going to draw down on your equity between mortgage terms and not break/prepay an existing mortgage (plus penalty: 3-mth interest or IRD).There is also nothing that says you must leverage your property to 75 - 80% LTV, if you sleep better with only a 50 - 60% LTV, then you know your limit.As for the choice between a note, secured line of credit or a hybrid arrangement it comes down to math and whether you needs some/all funds now or later.

As a flipper with a partner an LLC is a natural route for me to go as there are various reasons why in flipping it can make sense to flip each house in the name of an LLC whether it be for arranging investors or getting hard money.

Don't worry you can still house hack with a single family resident if you are comfortable with the arrangements.

I might work this into my arrangement in the future.

In the future, I would always have your funding arranged BEFORE making the purchase. 

But yes, if it's a 50-50 arrangement, your partner can hold you hostage forever unless your agreement has some kind of tie-breaking mechanism or other provisions that deal with the sale of the property. 

There is no lease involved in this arrangement.  

If damages are found that are the tenant's (or their animal's) fault, the tenant needs to make arrangements to pay you for them. 

@Robin ReeseBeware that some courts have held that these types of arrangements, if they don't work, require a foreclosure process if the tenant refuses to move or demands some repayment of fees they paid in.