The HOA is a partner in your business, and they are uncooperative and don't always act in your interest.

The LTV will depend on the strength of the property as well as you and partners if any, but if this is your first, you'll probably be looking at 60 to 70%.

I want to buy a house but I haven't had a job in years.I'm just starting to make money in my internet business and I'm working with a partner putting together lease option deals.In the next couple months, I fully expect to have at least $50K in the bank and at least one LLC setup for my business.I was thinking about doing a lease-option but I'd much rather set down roots and just buy a place.

If you bring your friend in as a capital partner, earning interest, regardless of how the property or deal performs, I think you have the best chance of remaining friends.

Do you the typical weisal clauses (property or title inspection, partner approval, etc)?

OTH, if this birddog is working for you I'd suggest you put them inside an LLC on a restricted basis so they can be paid if the company buys or as a partner fee, that will make them a principal.

I chose to be a managing partner.

You might consider a money partner as well, but your past management abilities may be grim with your vacancy and being in default, but someone might look at the cash flow, but expect to give up the lion's share, IMO.Good luck :)

Richard look up your local real estate investor association.If you go to work for a flipper to learn the business make sure you are not used and abused.Make sure they have completed a certain volume of deals and that they have the knowledge to give you.What investors do not want is to work with someone with no drive who wastes their time.If they will pay you a decent wage that is at least what you are making now or more,you hit it off from the start,etc. then you are on your way.Eventually you can partner with them on some deals when you save up some more cash and they will show you how to save and supplies and do quality repairs and upgrades in a fast manner.

Can your equity partner do a HELOC on his share of your property?