Just to be clear - my goal is not to save money if quality and liability would be compromised.

My first comment is that you should live within your means, which means to save as much money as you can live with and to make investments when you can. 

I've heard about a LOC a few different times that gives you 5x your liquid cash and/or assets.For example if someone had $100k in their savings account they would have $500k purchase power.Does anyone know anything about this loan program or have more details on it?

So far, I like the land contract idea since it means the seller and I will save on closing costs and the cost of getting the loan itself, around 16K, which can then be split evenly between us.

If you think you are saving money by doing the work yourself, but taking weeks to get it done, how much are you losing in rent?  

Saved a ton.

Generally the same banks, credit unions, savings & loans, etc will all make commercial loans.

Our strategy is a 3-5 year flip that when you add up the cash flow, the tax savings from depreciation, the mortgage debt pay down, and the fact that we bought it under market value and that we are selling it on a lease option so we don't need to pay realtor fees and have minimal closing costs, our average total profit over a 3-5 year period is round 60k per property that my partner and I split.  

We are 22 years old with hopefully alot of time to create a portfolio.So we plan to save roughly 40k this year, and we are weighing our options.

If you need to build up cash, there are a few things you can do including: finding deals for other real estate investors (i.e. wholesaling, bird-dogging, etc), saving money every month from your job and/or having a side business to build up capital.