If my cash is tied up in existing deals, I can't loan what I don't have.  

To a real estate investor 5% is nothing, you wouldn’t tie up $1m or more to get a 5% or 6% return if that is all you had, but if you had $1b then there are only so many investments out there that you can make money on.

Do not feel tied to a direct connection.

I am scrambling to find another buyer but he had tied me up for nearly 2 weeks.

Title ("deed") is held in trust and not conveyed to the buyer until the loan on the property is fully amortized (paid off).In a mortgage state, title is conveyed at closing while the loan on a property is tied to the lender's lien on the property by a financial instrument called a mortgage.

You do need to be selective with who you tie up with or you'll be spinning your wheels.You know more about RE than 90% of the people walking the streets, you'll demonstrate that passing your test.

If I were in your shoes I would seriously consider the idea of a duplex - fourplex.  

We found the property via a wholesaler who tied it up. 

. - Tying to my previous point, more times than not I've noticed realtors who sell land represent both the buyer and seller, double-dipping on the commission.

Welcome to the site @Matthew KoczwaraAlways good to have another Chicago investor with ties to Ohio.