The way the lender structures his deals is he lends purchase price + rehab.

The association should be fiscally healthy and meet all Fannie Mae lending guidelines in order to keep steady values.

Is there a mentor out there willing to partner with a newbie and lend your expertise to make this become more than something just in my head and heart?

Seth,To fully be 50/50, you will need to get the bank to lend to the LLC, and have all parties as guarantors.  

then go ahead with the deal (you should have built in enough of a contingency to account for these kinds of surprises)...this is actually a  normal occurrence, in my experience, when buying from gov't institutions.

We are supported by two major educational institutions. 

If you lie to yourself that you are investing for the cash flow and that equity and appreciation are not as important, you are 100% better off lending your money to a hard money broker or finding investors with a proven track record and letting them run with it.

I don't know if there are HELOC lenders that'll lend on non owner occupied properties.I'm sure if you look hard enough your bound to find a lender that'll do a 2nd, but it's highly likely the rate they'll charge will make a refi look much more attractive.But that's not why I posted in this thread.

My all-in rehab cost was $14,000, and purchase was $49,000.My hard appraisal for the cash-out financing was $93,000, and my lender lends up to 80% of appraised value up to and not exceeding the all in purchase + rehab cost so I could get all the cash back out if I chose but I am leaving a little behind to meet cash flow and equity goals.I have a tenant lined up on a two year lease at $1150.  

Hi Garrett,I haven't talked to a representative at either institution seriously about portfolio loans yet; I just asked conversationally over the phone, but I believe Mountain American Credit Union and Norther Nevada Credit Union do offer them to repeat/trusted clients.BP podcast 134 a few weeks ago featured BMX rider Terry Adams.