Did you finance 100% of the $115k with the hard money lender?

I can help with the financing portion, but I would love to help connect you with an outstanding relator in the area.

If you did want to pull equity, conventional financing requires 12 months of seasoning (time that you've owned the property) to use the appraised value.

How did you finance this deal?

Depending on your debt to income, you might have to sell or have an executed lease to secure financing to buy the second home.

We have both always been interested in forming some partnership in which I do the leg-work and he provides the finances.

It eliminates the need for juggling multiple tools or platforms, making managing finances much more efficient.With two properties, I think Baselane is probably the best option for you.

One tip: focus on areas with year-round demand and check local regulations early—they can make or break a deal. 

But if you can finance a home in an appreciating area make it breakeven and at some point (as always) either rents/nightly rates will increase, interest rates will go down, or both. 

Most if not all of these properties require SIGNIFICANT cap ex rehabs and conventional financing won't touch them; you'd likely need to go the hard money route at 10-12%, 2 points, 12-18mon turn around.