Here are how the basic deal looks: Home Depot $ 16,000.00 Credit Card $ 12,000.00 Purchase $ 57,000.00 Rehab Labor $ 22,000.00 Contractor Fee $ 5,000.00 Carry Costs $ 5,200.00 Refi Closing Costs $ 2,000.00 Total $ 119,200.00   The house got appraised at $140K so the bank lent me $105.

If there is no mortgage on the property, you could give the seller the money to install the septic as a mortgage in the 1st position to protest your money.When dealing with banks, they can complicate things so, the 203k could take some time or not even close the deal.Hope this helps

But, with that income you will run into the same qualifying issues with the banks as you would with other landlords.

I’m about to close on my first deal and the only way the bank would provide a commitment letter is through a partnership.

Then you act as the bank and owner finance the property to someone else, while collecting a down payment? 

When I spoke with my bank, I told them I was looking at a duplex as rental property and they said 5% was the minimum. 

I will find the property, get a conventional bank loan, find a tenant, do the repairs etc. and manage the property.

I heard on one of the podcasts that there's some sort of line of credit...not sure if this is for all commercial banks, and if so, maybe then it would probably be best for investors to go with the commercial loan? 

Your lender might have their own criteria, but most banks will generally use those guidelines that I've mentioned.

Banks will require you to put it in your name.