My current lending bank basically just told me, not to my surprise, that there is not much room to refinance and take money out.  

Basically from my understand , if you are buying a home directly from a homeowner and you are licensed you have to make it clear that you are not representing them in the transaction.

Not that old, but just drives home the point...

Graduated from college and am currently working a sales position in Weston - which is a bit of a drive.

The basic structure is for the partner to bring the down payment of 20-25%, and we do ALL of the 'work', meaning finding properties, rehab management, finding and placing tenants, ongoing PM, and all financial planning too. 

Again, going back to basic economics, it’s the ability to purchase is low, making demand low, then prices fall.Jay, just out of curiosity, what would you consider a prudent amount of leverage to be?

During the renovation my wife went into labor and as I was frantically driving to the hospital I had to pull over after we realized we were not going to make it.  

The most knowledgeable response would be from an attorney familiar with the rental laws in your area.Our lease agreement basically indicates conditions for immediate lease termination (immediate is within the law). 

Higher points might be ok but we don't want to drive a good customer away.

Such a PM will be pricey, but at least you will have someone local who can handle emergences in the middle of the night without having to lose sleep or possibly jump in the car to drive 5-6hrs.