On your primary residence you should be able to get a HELOC for up to 95% of the current value of your home, subject to DTI restrictions of course (typically 50%). 

.% down of the purchase price and the rehab costsCan be used for primary residence with 1-4 units (could also be looked at as a disadvantage)  When using 2-4 unit property, projected income from other units can be used to qualify 6 months' worth of mortgage payments can be rolled into the renovation budget if the house is deemed uninhabitable by the HUD consultantCredit scores can go down to 600s (lender dependent) DTI can go to as high as automated underwriting system allows (typically 56.9%)Allows you to buy a property in any conditionCan use it to fix minor repairs all the way up to basically a full tear-downFHA 203k Disadvantages: Interest rates tend to be about .25-.5 higher than regular FHA loan Additional costs include HUD consultant fee, inspections, title updates, and supplemental origination fee (Cost of doing business, but this is built this into your numbers, so it's no big deal)Must use a licensed General Contractor for a full 203k or up to 3 specialized contractors on the limited 203k Must hold onto the property for 1 year and live in it. 

@Matthew Paul what is a typical rental costing you all in after repairs?

They'll typically be more flexible and you'll pay less for borrowing the money from them.

The Landlord is typically expected to maintain the property in the condition it was in when you occupied.

Just in three replies you have one "insane", and one "this is typical".

Response rates are typically 0.5-2% so the bigger the list the better.

I typically use hard money to fund my projects but I thought it would be great to bring him in as a cash partner.My question is how do you set up the partnership splits since he isn’t bringing all the cash, he is just bring enough to really cover the hard money fees and holding cost.  

The typical amount is 75% LTV. 

He self-manages them but after being burned once, he has been strict with his rental criteria so tenants have typically been highly educated, and responsible.