It really depends on the risk and the amount borrowed.

If you are looking for how to find these borrowers/properties, you need to start with understanding the foreclosure process in your state.  

We are using our own funds for the purchase price and closing cost and have funds for the Rehab but would like to borrow those funds instead of strapping us.  

Are you scoping out the deals, negotiating contracts and leases, dealing with the attorneys and accountants, managing the property, finding and dealing with tenants, handling the day-to-day, keeping the books, paying the bills, taxes and insurance, managing construction, hiring, budgeting, oversight, etc if it's a new development, are you finding the lender and negotiating terms and your partners are just agreeing to be the "borrowers" or are they fully bringing the money to the table?

Getting a 1 mil LOC right off the bat would be very difficult to believe that any Bank would do that without the borrower having a long history with that particular bank and a history of having a LOC and paying it down over time.Maybe a better option is to look for a 100k line of credit that could be increased over time.

You would want to holistically look at your personal balance sheet for sources of liquidity and credit (cash, brokerage account, credit card, HELOC, 401k borrowing capacity, Roth IRA contributions, etc.).  

There are several reasons for this.An IRA may borrow, but the loan needs to be non-recourse.  

.- if the loan is atleast 2 years old (paid on time of course) and not more than 5 years old the borrower can request a BPO if the borrower believes the value has increased enough based on market value alone to remove MI but the requirement for this market value only increase is 75% LTV or lower based on the current BPO (so in essence you need 25% equity on current FMV - fair market value).- for the above 3 scenarios payments must be current with no 30 day lates in the past 12 months or 60 day lates in the past 24 months (on the current mortgage or "other," credit too)What is interesting is the above only applies to 1 unit properties because 2-4 unit properties its the same as the above except the requirement is 35% equity or 65% LTV (same).

There is always someone who will go for any deal, but I would say that is generally not a good deal for the lender.Lenders generally want a guaranteed return, a schedule for repayment, and collateral.Equity partners are generally willing to forego the guaranteed and scheduled return in exchange for a piece of the upside.Also, if you are borrowing the rest of the money from a traditional lender, they probably won't go for this either.

So a very important question how strong is your borrowing power.?