The bank will then loan you up to 80% of the total cost so you would have to have some skin in the game and they are not going to front you any of the rehab money but will release it in draws once work is being completed.

It's a numbers game but you have to mail out regularly.  

Since this is an auction on a foreclosed property are the rules of the game different? 

Getting started is the hard part, and if you haven't been in the game long it will be difficult to find banks willing to continue to finance as you will be highly leveraged without much cushion. 

I have a similar situation in one of my buildings  it seems to be a constant game of cat and mouse.  

They like to see more skin in the game by the development team.  

I know most of you will think I have gone overboard in preparation but when the time is right I want this machine to be insert property here and all the gears to be moving already.  

If you worry too much about having a team behind you, and all ducks in a row, and all your fears completely gone, you will probably never get in the game.

Depending on your personality, that may cause some stress.I would also point out that you have 2 huge advantages in the flipping game: access to cheap money (your own) and reduced realtor fees (as your own realtor).

I would imagine the partner would want you to have some skin in the game.