It's a bit more cost effective to get to a hybrid of both styles.

They stay in control of their loans and you win loyal investors/private lenders.

I am hoping to find a bank that does portfolio lending and offers better terms through its private banking wing.Any recommendations would be well received.I found one lender that through its private banking wing offered 100% LTV interest only cashout-refinance at 4.125%, but I must pledge securities in the amount equal to cash out proceeds beyond 80% LTV. 

One User Emily G said she was a private lender to these guys and they defaulted. 

Also depends what kind of style you are looking for.

A private lender and I are going 50/50 on a down payment, I have cash & my private money partner is using HELOC funds and I am wondering how we can legally go about using our cash ASAP without a 2 month seasoning of funds.

@Jhanel Wilson Is that for conforming/conventional loans or private/portfolio loans?

Even if they're growing and understaffed at the moment, they must have a brother/sister/cousin/parent in town they could ask to help out with an open house style showing.

With Interior Trim, you can see your work take shape and I loved that.Now for the meat and potatoes, I'm at a loss as to where to start... do I get my REL in Illinois even if I don't plan on making it our permanent home, start trying to find deals to fix & flip, where to get money (hard money or private lending, HELOC)? 

Investing with no savings, no income and no credit is not realistic.I would advise you concentrate on establishing a good solid employment income and living a frugal life style to save every possible penny.