Beyond what Chris mentioned to getting a good deal to make this fourplex in Northridge area work is that with FHA you also have the self sufficiency rule and in my experience only fourplexes that have gross rents of .90% relative to the sales price or acquisition price have worked with FHA.This means your 1.7 fourplex would need to rent for .90% or $ 15,300 per month or $3825 per unit in order for your FHA financing to go through.This is mainly why I havent done many FHA 3-4 units (SS rule only applies to 3-4 units on FHA) in Orange county/Los Angeles/San Diego except back in 2010-2012 when rent to price ratios were more in line with .90%.You could often find .90% to meet the SS rule in santa ana, riverside, banning, san bernardino, ontario, maybe in the valley by victorville/apple valley/hesperia and other places where things can tend to be a bit more depressed.Nowadays even a wholesale deal in a prime market like huntington beach or hermosa beach probably wont work (fourplex is probably 1.6 -2.0 M and wholesale deal is probably 1.3-1.5M) and if it did work it would be a unicorn of sorts and you would be a very lucky individual indeed.

Our cpa tells us to track everything and you can sort it out later.

I'm trying to wrap my mind around the financial benefits to this sort of strategy.

I would think 50/50 make sense but on the flip side I am a bit concerned that only myself is on the hook for the loan, assuming LTV of 70%, I am thinking I would have 85% of skin in the game as my partner would only risk his 15%.  

I joined last month and the ability to network face to face with local investors is sort of priceless.

But going back to @Jeff Sprunger comment, does skin in the game specifically refer to liquid cash that you personally have available to use for the project, or could that also include personal loans taken out in your name to show that you have a vested interest in the success of the project?

Has anyone else had success in this sort of exit strategy?

They made up all sorts of excuses for three weeks and it lost us precious time and money.

Don't know all that goes into it.Is 12% interest standard in this sort of thing?

By category, I mean all the sorts of things you have broken out.