@Charlie Fitzgerald does private lending here in Las Vegas and I believe he can provide you with a lender's perspective, as far as how your existing condo would be viewed from a lender's perspective.

There are some that will lend on houses that are rented for $800/mo and would be worth $40 - 80k as a result.  

As the liquidity and net worth is closer to purchase price or below they look to more experience with less buffers.In commercial it is a case by case basis and they have to like the borrower and the property itself to lend.

I am profiting by performing the repairs(contractor) and lending the money to do it.This would not geared towards motivated seller, but just sellers with houses that need work.How can I create a model around this idea?

If they are giving you a signature loan and then you lend it secured by RE, that might be a great way to make some money.

Syndicator has preferred return for first $500, any free cashflow beyond 12% goes to syndicator.

@Scott Weaner is correct.Only way this could work is like a simple lending from your parents from the proceeds of the HELOC i.e the rightful owners apply and get approved for the HELOC, and they drawdown from it by writing you a check..period!.

You can, however, have another unrelated individual with a SDIRA lend to your LLC from their SDIRA.

My experience is that banks don’t lend on mobile home parks.

Would someone who is actually lending as  a HML or PML in North Carolina have an attorney they have worked with to recommend.