So he asked that I find alternate financing and buy him out of the loan.I know there are multiple paths to get short-term financing but I'd like to explore options for a long-term loan.  

-If so, any ideas about an asset type and/or market that I should be exploring?

I thought I would be flooded with young energetic I want to become a real estate millionaire LOL.. but crickets basically.. is there something that keeps people form taking action. or at least exploring opportunities .. or is BP just the wrong place to look for someone who wants a shot at some real income and learn the craft that few get to learn.

So buy them in your personal name, then age out the oldest that you have financed or the ones with the smallest balances to the Sub S and get commercial / portfolio financing on them at the best terms you can find.

I would be very interested to hear from long time investors who have weathered the storms either crashing-and-burning and coming out stronger or simply getting through the cycle bruised but not battered.Having searched for a topic and thread like this one, I don't think there is one quite exploring this aspect of real estate investing where we lay bare all our failures but it would be incredibly instructive to us newbies to learn from those who have gone before and come out the other side weary and with scars to show from the battle.Hope you will find int in yourself to share so those of us who are new can learn.

If they all check out they would be great buys for me.I have the ability to purchase all of them (some with cash and some with some creative financing (i.e. family, seller financing, etc) but if I do I will have VERY little money to complete the rehabs on them at this time.My question is is it ok to acquire as many properties as you can now and work on the rehabs for them as you get the money or is it better to purchase a few and finish the rehabs completely before moving on the the next?

The communication and what is available often gets muddied the further you go down the chain from the direct source.If they ask you for any upfront fees RUN as fast as you can away from them.There are numerous posts on this subject.It sounds like your whole premise of making the deal work is the financing.I have not seen funding at the levels even close to where you were quoted for a non-performing asset like that.Too many other performing loans that are less risk for a lender to lend on at those low interest rates.Typically unless paying all cash for the deal the value add buyer does not want to use private or hard money because of the very high carry costs (interest rate),points,short term of loan to refi costs,etc.Instead the value add buyer will try to get the current owner (usually a bank) to finance them at good terms and the buyer injects some of there own cash to get the property performing.The debt service is much lower in this situation and funding is easier.I can see a bank that owns the property giving those terms as they have an interest in getting the non-performing asset performing again.To an outside lender it's just a new loan and they do not have the motivation to get creative with it.

The numbers have to make sense, but the numbers can mean nothing if the investment isn't ready for success due to additional considerations or the future team required to create the success you desire.Lastly, I am sure you are exploring other means of acquisition besides market deals by getting creative. 

i honestly haven't even explored the syndication costs.

You should explore other possibilities.