A lot of them get multiple phone calls or letters in the mail but just keep in mind when you use a Big Bank (FDIC) you "Do not" pay points.

.: Thanks  for the insight, they ended up adding an invoice to the escrow statement. 

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.

While rates were near all time lows, we bought a home that we could reside in and rent out the backyard detached living garage space.

How should I proceed if the terms will remain the same?

The diagram below shows the required income characteristics and what they are dependent upon.

As a custom builder for decades, I dealt with this way more than once, especially with new subs that had not worked for me before.Back in the old days we used to just go with a verbal ok, but in the last 20 years or so, it is imperative to have a written CO (even an email sent from the jobsite) from the Sub and then I would add 20-25% and submit a CO of my own to the customer.

In the long run, is that the type of company you want to be at?

Congratulations on the first rental and all the knowledge you have gained from it to set you up for the next property. 

I'm really interested in learning about wholesaling land as I hear it’s the best way to get your foot in the door when starting out in the real estate world.