I'm looking for some help with what happens next, as in what will the banks be looking for, how the loan will actually be structured, how do I actually accept everyones money and pool it for the down payment, etc.

Deposit it into a bank account?

I know Phoenix got hit very hard with foreclosures and homes could be bought for $30k or so on low end and people had their pick since the bank was off loading so many homes , now looks like low end is $150k plus .

No needfor bank financing.

@Ali Boone Cheers - not sure of my budget just yet; I'm used to having done traditional lending through banks and don't have much experience cash-out refinancing yet, but currently reading up on all that stuff and exploring options.I'm actually from Charlotte originally so I would feel a little more comfortable investing in the city....I think for OOS I would prefer something more turnkey at first unless I was very confident that I had good contacts (contractor) "on the ground."

I’ve been doing quite a bit of research about what lenders would require and the various aspects of bank loans versus agency loans.

What I local bank do you trust and why?

We would then seek investors to finance Construction and exit to a bank long term.

What community banks/lenders are investors in Indianapolis, Indiana having success with?

The ones for sale now are not bank owned beauties, but beaten up rentals.