But I also see 1% of the capital raised, 1% of the total of debt plus equity, and 1% of the property value (typically determined by a cap rate specified in the calculation in the operating agreement).  

In BRRRR, you buy a distressed property or at least one that has potential for substantial improvement, rehab it to build equity, rent it for positive cashflow, and then refinance out what you invested or more to have funds to do the next deal.

I feel that people forget about doing an equity partnership most of the time because they don't know anyone to partner with. 

We took out a home equity line of credit on our house and used that to purchase two rental houses.

You won't have much equity initially, so if you are able to do more value add or get offering price down it would be even better. 

I do however have the experience (25+ years) in design, architecture and construction AND i have over 500K in equity in my home (which is a 2 family)I would like to pull some money out of the home / borrow against the equity but again the banks will be concerned with the debt ratio’s. 

This type of loan is very popular with the private equity debt funds.

My goal is to be 40% to 50% equity.

I am looking for a private equity group to fund a deal I have on the go in Minot North Dakota. looking for up to 3 million USD.

Why would I let the HML loan me $65k at 12% when I can get the rehab portion financed under more favorable terms is what I'm thinking.