I know they do a number of rehab raises.

My Realtor is concerned that the cash is not in my name and that if we provide a bank statement from the lender it will raise a red flag with Fannie due to the lender's name not being on the deed.  

Also set up a Reg D private equity fund to raise capital to be able to purchase larger pools and expand our reach.Bob

The owner also said that they hadn't raised rent in 4 years.

I wish the cost was lower for the "up to 10" crowd, but that was a corporate decision to raise the pricing a few years ago and nothing can be done about it.

Looking to raise another 10% - 20% cash this week.  

If the current rents are very far below market, you might consider not raising rent all the way to market at one time.

This has "nightmare" written all over it.As @Erik W. pointed out, there are more than a few things here setting off red flags.With that said, regardless of whether this guy is on the up-and-up, it doesn't sound like you're actually in a position (from an education or experience) perspective to be able to help.Unless you have some previous capital raising experience and have a warmed up investor network (or you're sitting on a boatload of cash yourself), it's going to be a real uphill battle to get this thing funded.My biggest question is: Why is this guy coming to you (an admittedly new investor with no experience) to fund his deal?

The property has appreciated about $75,000, with a few renovations and the fact that it is in an up and coming neighborhood.My question is:What is the best way to raise money for a second property in the same neighborhood?

You're on the right track though and it could still be a great property if you can raise rents significantly...