If that's your situation you may want to look at a conventional loan and a great insurance policy.I can't speak much about partnerships I've not done oneDo you have a formal business plan with well defined objectives written out?

Our local city's code does not preclude a walk-through space being called a bedroom, but I haven't been able to determine if there was a State or other code that might further define what a bedroom is. 

.- And we did minimal work.The point I am making here is that your path will define your strategy.Your path will reveal itself based on your decisions, views, strengths and opportunities that you will create and will present themselves.So don't stress it too much.You will come to find you won't have many options when it comes to starting.

@Matt Ferch It might be hard for someone to say definitively what is right for you without knowing everything about the two of you and your business agreement but I'll give some quick outlines here and some more things to think about further down:Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

Which I guess varies based on how that is defined.

If you can not find anything in the policy then I would ask your agent to highlight in your policy where it defines meth labs as a pollutant or excludes it from being considered vandalism. 

Generally speaking there are 2 main types of loans for investors: “Conventional” and “Portfolio”Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).

At that point if you needed to use HML temporarily you should have a defined timeframe to work with.

The "Due on Sale" clause is defined by wikipedia as follows: "A due-on-sale clause is a clause in a loan or promissory note that stipulates that the full balance of the loan may be called due (repaid in full) upon sale or transfer of ownership of the property used to secure the note.

As defined by propstream: FlippersIdentifies a property that is currently for sale on the MLS that was purchased within the last 24-months (i.e. a property being “flipped”).