I can sort out the financing and willing to pay a commission or have some kind of agreement to pay this developer mentor for his semi-active guidance on my first (and if all goes well) subsequent projects. 

Both parties are willing to complete a sale using subject to financing because they believe the benefits out way the risks.  

I know a decent amount about financing unconventionally, but want to own some properties personally!

Obviously, I don't know anything about your finances, so for all I know, you may have a few million in the bank, and this project is just a fun experiment that wouldn't even be a drop in the bucket if it all turns south...but, regardless, you'll want to model out what would happen if this project crashes and burns...As you may know, managing a rental in a D to F area (or even a C area) is usually not recommended (for many reasons), and funding a rehab with credit cards is also usually not recommended (again, for many reasons). ...even highly experienced investors often won't touch anything lower than C grade because of all the difficulties of managing and re-selling them...If you're dead set on rehabbing the place and keeping it, I'd strongly suggest studying up thoroughly on the local rental market and tenant pool (e.g.; rent medians and lower and upper bounds, typical days on market before securing a tenant, local vacancy rates, tenants' typical income, education level, employment opportunities, credit, and rental history).

Would we still be able to take advantage of owner occupied financing and put both our names on the title/loan?

Not asking for seller concessions to help buy down the interest rate if someone is using bank financing

@Kieran DowlingI question the amount financed. $212k is that a quote from a HML?

I also get many investors calling asking about properties that I am selling with owner financing and they just waste my time because they've never taken the time to understand how seller financing works or how to go about the process.  

Additionally they might want owner finance with some down for the business, building, or BOTH. 

As Jessie mentioned you should try wholesaling to build up the cash for your first investment property.Always ask for seller financing and this might be something you could keep for yourself as a rental.