If you're doing rehabs, you're probably not going to run into a problem of carrying more than 4 mortgages for a while yet.

I wouldn't carry the comparison to a bank too far though. 

This carries some risk, but if you are fully approved and have a good relationship with your bank then you should be safe. 3.

My plan is to partner up with some investors, carry out the rehab, and watch the process from a safe distance, so to speak.

The down payment and rehab money would come out of pocket (about $27K) and the owner will carry the mortgage for a few years which would allow me the time to fix up the place a bit and refinance into a conventional 30 year.  

Send the agreed upon payment with paid in full on the line item on the check.

The important item in that budget is "RE Investing Money."  

The only things you don't include are items specific to financing - essentially, Principal and Interest.  

I just personally took a look yesterday and I mean in my opinion the fire damage is what will most significnatly impact the rehab costs but it is also the strongest leveraging item in the buying price.

Not getting a report now could costs you many times over later.Now the timing of when you spend that money on that item depends on other things.