Is 50/50 still pretty typical in this scenario?

Once this is verified you can then refi from the commercial world into ( for a fixed rate longer term loan as commercial loans are typically 5 year balloons that reset after 5 with current rates )  the secondary market.

@Cody DeLong Yeah I typically find my own deals and have a hard time paying 2-3% which is why I asked.

Just curious if it’s typical to have this happen.

When they do you're typically talking about non traditional banks, or you're getting into the commercial side of their lending.

Would typically need to have your project at a minimally complete level. 

Is there a benefit to that approach vs just getting a typical home loan on the second property?

. - the tenants: long story, but they are the parents of a pregnant neighbor, who is a RE Agent too.

You'd need to line itemize the closing costs and tell us how much you're buying the property for to get a real opinion of where you might be getting hosed, if anywhere.For an example, on a recent $200k cash purchase closing I had here in Raleigh, I paid $550 to the attorney for his fee to conduct the title search and close the loan (this is higher than I typically pay but I closed at an atty's office that I don't usually close at due to other semantics surrounding the deal itself and the seller). 

REIA meetings are usually $20 or so (at least where I live) and the other meetups are typically free.