You came to the right place, Brad! 

I already owned a home not on the water.

Definitely prefer cash flow options, but im open to the other concept.

If you are doing the work and labor it reduces some of the risk but to me we won’t let at that high a ltv

I appreciate the suggestions!

It means they can help you accelerate the depreciation on the property, which will help you lower your taxable income  

Does the property you found need any rehab? 

As you get started in your RE journey ill give you a recommendation.This website is a great reference point for figuring out what each area is like. https://www.areavibes.com/It gives you a total LIVABILITY score for each street and zip code.

It would be a lien placed on the entirety of the property that is deeded in both your names (or in your entity, if you closed in the name of an LLC).If you plan to take full control of the property, you could refinance in your name/entity alone with a cash-out and pay your partner off with their equity share.

Since the owner is willing to take the risk on you and that is a great sign, see if he will do 100% of the financing.