I like the idea of borrowing from your 401K to reduce the loan to get under the 75% LTV so you can refinance at a better overall rate. 

They reduced to 174,900.

A lot of people bought the Vegas deal because after announcing the 3 packages, you have a one on one with one of the mentors, you can negotiate the deal and they reduce the prize drastically.

At the time, my brother and I created an LLP for the property, as a partnership where we would both share in profits (he provided labor, I provided cash).

If the home were heated with heating oil or propane , when prices spiked this winter , would you have reduced the rent?

My mini-blinds at home do not break, If the tenant breaks them they have two options:they purchase and replace themthey are paying me to purchase and replace ($10 + 25 labor), This is income generating.

Even though you provided the labor, your cost management is fantastic.

I am looking at a potential REO in Indianapolis that has been reduced to a very low price because of an order to repair list.

Another way to structure it is that he's providing capital, you're providing labor.

I can guarantee you that you and J Scott or Will Barnard could complete the exact same flip - same labor, same finishes, same product, same everything - and they can get that done a heck of a lot cheaper than you can.