Speaking from experience with my lender, the lender will heavily evaluate the loan prior to ordering the appraisal/phase 1/HUD inspection, etc.

Since local custom weighs heavily in court, I suggest you run these options by a local attroney, this can be done, however how far to stretch it will depend on local custom and state issues.

I am heavily investigating a career in real estate as an agent and house flipper.

I expanded my backyard to an hour radius, decided to leverage a 3.5% FHA 203K, and heavily considering using a loan from my 401k as a downpayment.  

I work with several realtors as well investors that are buying heavily in detroit.

The ability to refi the portfolio depends heavily on the portfolio itself, what the market values are, what locations, what asset type.

Is the land cleared or heavily forested? 

Know that if you can get this first deal under your belt it will help your business moving forward and your future splits will be heavily pushed towards the 50/50 split, especially if this first one goes well.Goodluck...

I am heavily considering something that needs work, but don't want to get in too over my head with repairs.

"Get Rich Quick" real-estate gurus' courses frequently rely heavily on this mechanism for profitability.