With that being said and your post requesting a focus on partnerships, here are a few things to consider as you move forward.1) Do you need a partner - or are you simply looking for accessible forms of investment capital that will allow you to acquire properties with minimal hassles, given the underwriting requirements of most institutional/Fannie Mae lenders. 

It's usually a board member that just so happens to be home on the day your tenant moves in and props all the doors open, or blocks the driveway or damages the hallway door, etc.

The house I need financing for is a 3/2, block house with a metal roof, large fenced back yard, fireplace, and 1-car carport.

A nice block with lots of new construction. 

Therefore, in the future if you need funds you already have access.

If it's a bank REO- you will only have access to it once it's listed w a agent - at which point every investor and their realtor can see it on the MLS.

If you contact some of the major title companies, they may offer you access to mobile apps that can calculate local closing costs.

If he's putting in $150K cash, plus the value of the land (~$150K) and I'm supplying access to the loan ($350K) then the total value would be ~$650K for a built property.  

The ones who shop this market have money, or access to money, and jobs are still being created in Santa Clara County.

This assumes that you have the capital, or access to the capital to make the necessary repairs.I personally would look at adding to the house to make it at lease a 2 bedroom house.