Would appreciate any advice on my funding needs situation- I have locked up a NOO vacant SFR for a purchase price of $56k-the owner owes $56k.

While it may have been a gut job to start, now expect it to be a feces covered gut job.Lock the deal up but do not close until you have proof that they are out and you've secured the place with heavy duty locks.  

Once a group is formed and each person has their % of the relationship, it's locked in.Some of the key points for the partnerships to still be worked out:How to exit the partnership – plan is to put a value on the assets/cash we have at that time and allow the other members of the JV to buy out the partner.

Trying to lock in the appraised value you will be able to take to a bank is key to knowing how much you want to spend on the rehab so you dont deplete your operating funds.

For example, if the house is worth 110k and the owner owes 100k, but is late 20k on payments and the loan has only 25 years left or something like that I think an investor would be wise to pay the 20k past due payments, pay you assignment fee, and then they lock down a 110k property for only 20k (no loan hassle or anything).

They'll be given a date to comply, and if they don't comply, you have the constable come out and forcefully remove them, while you change the locks.

Whatever one you choose, that locks in your payments.  

Ask to talk to people that they've helped lock down investment properties.

Put new lock on door and left.

I am in the process of locking someone in on one of my properties and I hope they exercise it.