Ervin, Most lenders would prefer you have some skin in the game. 

With your credit, they may want to see skin in the game from you and/or they may not give you any money for the repairs; or cash advances.

My name is Alex and I am a complete newbie to this game of real estate investing.  

Hey ChrisI think the question you need to ask yourself in this situation (where your equity partner is bringing 25-40% to the table...the down payment basically), is "what value do I bring to the table?"

Seasoned investors actually seek out and depend on wholesalers who provide research and bring value added deals to the table.

It's great for you to have the skills of tax accounting in this game. 

I do have a bit of cash I can bring to the table  which should help in partnerships, but not quite enough to be bringing all cash to the table, nor do I want to bring all cash to completely drain my capital.

It can't all be fun and games!

If they will sell the note and she will quit claim deed her interests it's all a numbers game.

There is a meetup the third Wednesday of each month in Lake Forrest (22722 Lambert Street,  Lake Forest‎ CA, United States, Round Table Pizza).Best of luck  Chris