Most likely a cosigner cause they will evaluate the DTI (debt to income) Call sagamore mortgage in Highland and tell them I sent you he can help you out his name is Gerry. 

Can you get another 400k in debt?

It is a 1700 sq building on Main St. in my town.My LLC, I'm assuming since all properties are on land contract, has no debt, but no real assets either.How would I best go about funding this commercial building?

Minus debt service on top of that and if your numbers are correct.  

From the outside looking in, it seems like they have taken on a lot of debt themselves for the honor of being stressed out constantly and working for a few dollars an hour during their free time.

They used 70% debt servicing, 20% from investors, and 10% from manager funds.

Live this way for 20 years, live like no other today, so someday, you can live like no other, it’s the best way to get where you want to go.The banks are interested in more than just your “ GOOD CRIDET” they want to see debt to earnings ratio, how you live your financial life, is the property you’re going to try and buy a good deal for them and you and what if any money you have to put in.Get to Know Dave Ramsey, read and listen to him, its sound advice for the young to get started in life.Hope this helpsMike 

Comparing Bank Recourse debt to Agency Non-Recourse debt, the most significant difference might be Replacement Reserves.  

Individual #1: Taking out traditional mortgage with 10% down to purchase propertyIndividual #2: Managing restoration and sale, taking share of profitsThey need money for the restoration budget, estimated at $40K.

Any loan you want to take against the whole life policy is secured with the policy values, which are restored when the loan is paid off.