If you believe in their knowledge and you're very close with them, then maybe they're steering you in the right direction.

I could also pay more monthly cash out of pocket as my finances allow it but I'd prefer create cash-flow and put that extra cash into other savings or investments.Any other pros and cons of shorter vs. longer term HELOANs?

Welcome and this site is a wealth of information and knowledge, my suggestion is read, read, read then get started! 

Long story short, her dad took over and I started paying him rent for the room I was in along with some extra for bills and what not. 

Sure, there are some that might, but if they have the money and the knowledge, they don't need a "partner" doing his first deal--they will just do it themselves (and many do).For you:"I'll look favorable to the lender." 

If you don't have some extra cash left over after the end of the month you might want to wait until your cash flow situation is a little better and you have saved up some money.  

Would appreciate any advice and would love to meet investors who have knowledge on the area and looking for a persistent mentee.

A different qualifies applicant has two dogs and would pay an extra $50 per month, so that extra income is appealing.  

I partnered with a local GC with rehab knowledge and time. 

After i put down 20 percent for the purchase at 270 can i take out the extra equity up to 80/20 loan value.