I feel it also gives me some alternatives if something happens that I need to get them out of the lease - there is no lease yet!

I want to see where I need to be, what do I need to work on, and look into alternative options if I do not qualify rn.

He is very adamant about doing it the right way, knows about lease options in Texas, so that's what attracted me to him

@Bryan Richard  You might be able to refinance into an alternative loan product.  

I knew this was certainly no get-rich-quick flip or even barely pay the bills flip from the beginning, but I was motivated to get my first flip under my belt...and more importantly to use it to attract a bigger fish who would bring money to the table for flips going forward. 

While I thought I would be able to get financing from an alternative lender, it hasn't come through and now I'm considering private lending at 9%. 

Personal debt-to-income ratio is not a consideration for underwriting these loans.In the alternative, some people go to private lenders (in simplistic terms, groups of wealthy people who have pooled together to form a mortgage company) who are willing to lend on investment properties that banks are not willing to underwrite.

Please advise with tips or suggestions, alternatives. 

@Thuan Pham any specific reason for the attraction to the Charlotte area?

It does no good to place capital with a sponsor who has a project with an attractive pro forma to find out later they can't be trusted.