@Todd Ashley As far as I know, I believe you should be able to obtain conventional financing as long as one of the borrowers plans to occupy it as their primary residence.Sounds like you're on the right track.

We also don't track and nitpick who does what and charge the partnership for any of our personal time spent on rehabbing or managing.

These require very good credit and track record though.I would never pay that 30k up front.  

You may be able to go back to whomever handled the closing (title company or law office) and track down some answers.  

You may have to do some sleuthing to track down the owner if the address is the same as the foreclosure that they are not living at.  

As you and your knowledge become more value you can change the splits and returns because your experience and track record is more valuable so your expertise is worth more.Keep going and keep us updated!  

Look for homes that are in need of "love and care", you can use a number of tools onsite here to track down the owners, but MLS properties, to me, are selling at a retail level.

A hard money lender can get all the information on you on file before you find a deal regarding your credit score, driver's license, track record etc.

These questions are very helpful as they will put me on track on how i should handle my situation.

Camp 2: Creative financing/collaborating, which people want a track record to verify your abilities...