He has tried on his own via a B&I program but local banks didn't bite.

This sounds like a guru program in progress, and I commend you for dialing for deals.My guess is you are just getting started and this seems very risky.

There can be some low down-payment (3.5%) funding sources that will give you a loan if you have decent credit.If I'm you and could do my Junior year at school over again; I'd find an inexpensive, but solid, multi-family property (2-4 units) close to campus.

Here is Ocwen's latest SEC filing that shows foreclosures are not a revenue source.

Now, keep in mind that was just two programs at the federal level.

. :) )6) Ultimate goal is to systematize the flipping business so I do not have to be involved with most day to day operations and still have that revenue source.

There are loan programs which offer alternate and reduced income documentation.

My main source of properties is from tax auctions but I've also started a company called HMC Solutions LLC where I purchase properties for cash.

You'll make contacts on both sides of the brokerage fence, sources of funds as well as borrowers.

Good ones that actually source deals from motivated sellers, not ones that negotiate a small discount or just mark up from the MLS.