Further, how do I demonstrate proof of funds on a HELOC (ie, the equivalent of a pre-approval letter for a loan)?

I would like to report Xplicit Home Loan (https://www.xplicithomeloan.com/) for fraudulent activity.

He couldn't sell the property because no bank would give a loan on it with that in the contract.2.

I have a cousin in Florida that is moving and would love to come to an agreed price on their place but just take over the mortgage instead of securing my own loan as I am looking for it as an investment and would be required to do 20% down (which I would not have). 

I was one of the four original investor to raise capitol to get the loan for construction.

I have 20k saved and plan to use an FHA 203K loan and house hack to net zero/cash flow minimally on my first investment.

Once we fix our side up and move in the property should be worth $200k-$250k (it was very undervalued at time of purchase).Why not take a larger loan initial on the purchase of the first duplex and lower your down payment, use the cash you have for the second purchase.  

Current ideas are to view it as a partnership, or an interest-bearing loan from me to him.

The only thing is you would have to do a hard money loan, or find a private money lender that will finance you. 

After living in the primary property in Orlando I figured we could move back to New England and rent that property out which seems like a win-win as far as getting a conventional loan rather an investment loan.