The interest rate given to a private lender is usually established up front and the money is lent for a specified period of time, anywhere from six months to thirty years.Equity PartnershipsIf your investor client can’t finance a property on their own, a good solution can also be to use a partner who can make the deal happen.

I'm in the same boat although I have a bit more ($68K) to start out with in a newly established solo 401K.  

Absolutely, establish your screening criteria.  

When I work my farm area, I go back to the same properties regularly to establish rapport.Also, when dealing with pre-foreclosure, many borrowers (particularly with certain banks) are getting strung along with mortgage workouts.  

Once renting isn't any cheaper than buying, and now that some time has gone by and people are re-establishing credit and getting scores up, they may move into becoming buyers again. 

I should probably try to establish a relationship with a good investor friendly Credit Union anyhow for potential flexibility in the future.

In some states, this is impossible to do because the state has not established a regulated license to handle RTO for residences which you must have in order to legally employ and utilize a MLO*.

It is my firm belief that both investors and private lenders should do DUE DILIGENCE on each other - specifically, they should VERIFY each others' claims, as that is the first step in establishing credibility and establishing truthfulness.  

My mentor is not in a position to hire me on a FT basis, but he is fabulous and we are working on deals together.So my question is, WHAT can I offer to a busy, established, successful REI business that will encourage them to take a chance on this newbie?

When you mentioned there are plenty of investors with financing lined up is that a product of the investor(s) having an already established relationship with banks/financiers who are giving them a green light based on prior deals?