This could be the start of a profitable relationship and a 50-50 split for him putting up the Capital is very reasonable.

When you are lending to strangers in other parts of the country who you have no real relationship, how will you manage the funding of the project?

., and relationship with your bank in my experience. 

Aside from information, remember that relationships matter!

Granted, we all need to keep our shops open and therefore processing fees and minimal costs are charged but we are more interested in the long term relationship in which we mutually benefit each other.

These PML relationships are always useful, especially if you are planning to acquire 10 SFR in the next 5 years.

As a millennial, most of the people I know waited to purchase a house when they had a steady relationship. 

In some states community owners have the right to reject payments from parties they have no contractural relationship with.Some things will vary from community to community.

If not depending on what your situation is & your relationship with the seller you may be able to hold off on writing the offer until at least 30 days have passed from the notice. 

Build your network of investors, your team of professionals, and leverage relationships.