I recently was under contract for a newly renovated SFH.

We are doing a total reposition bringing 48 newly renovated units back online into a market that has limited supply.

He simply doesn't understand.Your goal, as a creative investor, is to launch your ship into financial orbit ... and then put it on automatic pilot.What kind of believer are you?

Do I need to hold the home for a certain time before I can apply for a normal 30y mortgage on it based on it's newly improved appraisal value? 

They are selling fast to newly married couples and young urban professionals as starter homes.

They just invest the capital you both agreed on and have no further risk in the business, thus why they are "limited" partners, and not just "partners" who helps run the day-to-day operation.Whatever you all agree on; if that is they just give you a verbal commitment to fund a deal, or they deposit the funds into your newly minted business account, you will both want to draw up a business agreement before money exchanges hands.Now there is a lot of legal stuff from the SEC concerning private money, and I wont be getting into it as it's way to deep for this one thread, but what I do is keep a list of people who have expressed interest in investing in properties with me.

I start with nothing, get a PL to fund it all, and I end up with free living conditions, a newly rehabbed home, monthly (POSITIVE) cash flow  AND some pocket money?

i do both brokerage and investing here in Portland, and its a tough market. 2 suggestions:1. i just got a home equity line of credit through US bank, and they are by far the best if you're trying to do something like that. 2. if you're going to try your hand at some pocket listings, try www.pocketdeed.com its a new platform that just launched in portland :) i imagine soon it'll be country widegood luck!

Does an LLC that is aged have benefits over one newly created?

My team and I are gearing up to launch the flipping side of our business.