I will continue in my current W2 job for at least two more years, and that job ties to a separate 401k. 

Many of the competition have remained out of the short term market, yet demand is high.  

@Jessica Huynh the better question is why are you looking to tie up both of your FHA loans with just one property?!

Does the system tie into the local MLS to post rental vacancies?

If you plan to use a loan for the rehab portion, it would likely need to be a personal loan and not tied to this specific house. -6 months is pretty standard for seasoning for a cash out refinance.

Through that struggle I stayed focused, worked hard, and remained disciplined earning a division 1 scholarship and having my college education paid for.

How is that money going to "escape" from being tied up in that investment and find its way back into your pocket? 

Housing is going to remain in demand in most markets.  

Then when it sold we'd each be reimbursed for our respective monetary contributions and split the remaining total 50/50.

I am having trouble finding a lender who will allow me to cash out the difference after paying off the remaining senior lien at closing and wanted to see if others have any insights.