I think Ty is on the right track Mike.  

Their track record?

If you prove that you can add value, you may be able to eventually turn him into a mentor or partner.Unfortunately, I don't think it's very realistic that someone will fund 100% of the deal for someone with no proven track-record.

Now this isn't some that is going to magically get you deals but its a way to keep you focused and on track.

We are fully capable of taking on a project like this but my concern is that I will do something that will communicate that I am new to the business and he will lose interest.

Hope your time here helps you get on track with your goals.

(Use a servicer for complying with Dodd Frank).After you have it performing for 90 days then think of selling it.As has been pointed out you do not want to get into pooling of funds as that is a whole different animal.You have to do several yourself so you have experience and a track record.Due diligence is very important in this business.

Am I on track with the above plan?

If not you may have a hard time finding money without a bit of a track record or quite a bit of skin in the game.

I went off track and didn't read this one completely through and through.