's hold approach and would welcome if the property doesn't sell right away.  

Although I anticipate approaching family first, I want to get an idea of what paperwork I would need to pursue such a loan so that I come across as prepared as possible.

I see two ways to calculate my investment:1) Historical approach - the amount of the original downpayment plus renovation costs and 2) Present status - the value/equity that is tied up, but would reap if I sold it. 

Wow, that is an amazing approach, like I said I knew about it, just didn't know of all the benefits it offered.

What would be the goal of this approach to investing?  

It will force us to take a more hands-off approach to managing the property, which I have heard is a good habit to get into.

You will have some rental history on the old place, hopefully a bit of equity & they can give you a good idea of what terms they are willing to offer you, which in turn will give you some guidance on how you need to approach your next deal.Best of luck.

I have not yet done anything in this situation so I'm trying to get as much homework done before approaching a potential partner to split the deal IF there is a deal.  

I don't know what percentage of them would be interested in U.S. real estate but I was wondering if anybody has advice on how to approach them. 

I also do it on the phone and I sound more approachable - somehow it reads over the phone.