Anyway, thanks for the advice, I'm not trying to drag you guys into a long conversation! 

The deals that you will have to do will have to be either with a very trusting private lender, hard money lender, or partner.

Example:Having a 1st TD lender fund 85% Purchase + 100% Rehab,Then bringing in a Private Money Lender 15% down, and potentially capital for Closing Costs, Points, and Monthly Interest Payments.Do you structure your Fix&Flips or Commercial Value-Add / Repositions using 2nd TD Gap Lenders ?

Which would be the better option money centers, regional banks, small banks, or private lenders? 

Even going with private money rolled to new permanent financing would open the door to many more properties and more options for contractors and scope  and grade of improvements.

A pre-ordinance (built before July 8, 1957) residential building or building of mixed residential occupancy, not complying with the requirements in force and applicable to the building at the time of its conversion, may be altered so as to legalize one dwelling unit, in addition to the number of dwelling units originally authorized, providing that said unit was determined by the office of the zoning administrator or the zoning board of appeals to have existed prior to July 8, 1957, and provided such building complies with the other provisions of this chapter.

@John T.Looks like your father's position is that of a private lender or passive investor, as opposed to a partner.Even though he is your father, you really should define economic rules between the two of you. 

Do you know if the water and septic are public or private?

I'm concerned the appraisal wouldn't come in high enough though.The other part of this is if I had a private lender loan me the down payment, can I do that?

Hey BPers,I bought a single family property with private money and I'm looking for refinance options once I'm done with the rehab.