I would like to  have the funds secured (loan) and readily available for the first opportunity that is available.

They have put quite a bit of rehab into it and our out of funds,  They are asking for a 50-100K 6 month loan and are offering generous interest.Myself and two other personal investors want to commingle our funds for the loan and share in the interest on a proportional basis.  

Whereas finding a mortgage lender is much easier and you can get the interest rate locked as well as all the funds up front?

Emergency fund (4 months or so)2).

I was just wondering whether most investors find the deals first, get it under contract, and then find funding, or if they find funding first and then find the deal to get under contract.So far I've had a few other potential JV deals approach me and it seems like most people are getting deals under contract first and then reaching out for funding, but I'm wondering what happens if the investor has a deal under contract but fails to find sufficient funding for the project.

And central air has different considerations than window units with central air being more desirable as long as it is paid for by the tenants.  

Here are the numbers:Original Loan Amount: $ 42,700.00Loan Origination Date: 12/09/2013First Payment Due Date: 01/01/2014Last Payment Date: 9/27/2018Current Loan Balance: $ 41,802.77Current Interest Rate: 9.900%Current P&I Payment:$ 371.57Current Escrow Payment:$ 30.43Maturity Date:12/01/2043Term Remaining: 302Loan Type :CFDFMV: $87,500The WorkoutWe picked up this asset for $18,500 ( 44% of UPB)Expense Cost: $2000 (Includes, servicing, initial due diligence, forced place insurance, back taxes and misc)Contingency Fund $2,500All in Cost= $23,0008 Months of Payments = $2968Reinstatemet fee from borrower = $2000Total Income received $4968We sold this property after 1 year as a re-performer for $35,500 (Approximately 85% of UPB)$35,500 + $4968 = $40,468 Total ROI = 76%We're excited with how this one turned out and can't wait to see what we will do with our next one!

They fund, I run the business, I make my cut. 

Lesley, the article you just posted states the following: "Note that there is no limitation preventing the Fund from borrowing cash in order to purchase or improve the property."

I have multiple potential tenants that want to move into my mobile home communities but every company I call is either backed up for months or does not work in the desired areas.