Do you have funds to cover repairs and turnover... 

FORECLOSURE: A seven year waiting period is required, and is measured from the completion date of the foreclosure.A three year waiting period is permitted if extenuating circumstances [EC: non recurring events that are beyond control that result in a sudden, significant and prolonged reduction in income or a catastrophic increase in financial obligations]  can be documented and the lesser LTV of 90% or the standard product guidelines.

@Vanessa B. while this can certainly be done, I do not recommend development projects for a newbie.Too much risk and hard to get funding.

One idea would be for me to contribute 20% of the funds plus everything mentioned prior while he provides 80% but we split the profits 50/50 what are your thoughts and/or experiences?  

And you'll lose your sweat equity or whatever else you've put into it (maybe repairs funded from rents).

I have seen loan documents that were written so that the investor had no possible way to ever access insurance funds - but they still had to pay to repair the property.Here is how to tell if you are at risk you may not have been aware of.1.

@Taye Nguyen The maximum LTV on a cash-out refinance on a 2-4 unit property is 70% with conventional financing.

Too many other debt sources without the red tape to deal with and expensive legal costs to close the loans.Credit union, bank, Life Insurance, Pensions fund, Private investor loans etc.

He could use his financing to fund it.

After the account is set up and funded account owner can use it to invest into virtually anything, including private lending, rentals, etc.