Operating agreement structure would be that I control all aspects of development, pay 5% on his money lent to me during 3 year hold and upon reversion, distribute 10% of proceeds back to him.Is a bank going to loan on this set up?

Consistency is the key.

Don’t let the aspect of you being new force you to do that for the sake of a listing.

Better in some aspects.

The most challenging aspect of this right now is how I would find financing for my first property. 

I am starting out in real estate and wanted to read some books around real estate finance, validating deals, calculating returns on investments etc.Are there any books or digital material that are a good starting point to learn about the financial aspects of real estate investing?

I usually don't make anecdotal comments on the forums but I expect certain aspects of commercial lending to tightening up significantly over the next 1-2 months. 

Here is the description...hope to see you at an upcoming meeting.Real Estate Investors NWA (REI-NWA) is a group of investors, builders, contractors and related professionals interested in all aspects of real estate investing.

Of which only consists of about $500 at max payout and only $120 of that is able to be distributed to the 401k plan.

If you are consistent with learning real estate over the next 4-6 months, you’ll be ready to purchase your first (or next) property in NO TIME!