Because of its unique situation and difficulty to estimate costs and ARV, as well as rental income like you mentioned, I thought I would reach out to more experienced investors for feedback.  

Thinking about using it to make cash offers on MF, then refi MF to repay.

Make sure the attorney has history (ask them) with writing PSAs, not all do.You can get a standard PSA by fishing, but each situation is unique and 90% of the time the buyer crafts the PSA so you have the opportunity to protect your interests against "eventualities" that may occur.

This couple has a  2d old infant and we will probably ending up "loaning" the fees until they can repay us.

@Eric David WilloughbyAnother unique way is through owner financing.

My husband and I are a bit of newbies here and have a unique situation.

The fist 24 months of remaining revenue would mostly go towards loan repayment before my potential partner and I take any distributions. 

Do HML and PML really want to work with someone who can repay the loan so quickly that they don't get any substantial interest for the money loaned?

Here in CA we have found a unique opportunity in the senior community in which they are currently downsizing from their large homes with lots of equity, and want to remain in the same city.

Refinance fees are up and as I was comparing fees and repayment terms for home equity loans, I realized that it wasn't as easy to get one as it used to be.