My issue is the funds, I have analyzed a few REO with good numbers and can even make an offer, I personally don't have the funds, and I already use family funds for mentoring that didn't work out.

@Bruce FromanDid the condo deal work out?

Go get yourself an lawyer, take a week out to get yourself together and then you can work out the financials. 

I offer prices that are so low even if I am wrong it will still work out OK. 

In our original plan, we were going to try for a cheaper property so that we could have a crew do most of the demo and things like that, but it just didn't work out that way for this one.The finances look promising, @Steve G. 

There are many reasons it may not work out, but make sure you are prepared if it does. 

I was thinking about going ahead locking it into contract, finding the buyer and letting my attorney work out the kinks.

The model you propose is to give investors a level return while you capture the excess.Here are  just some the challenges that you'll need to work out:1) Licensing - in my state, a real estate brokers license is required by entity corporate officer2) Qualified investors - there are very specific rules to protect little ol' ladies and such3) Servicing - you'd be well advised to use a licensed NMLS servicer to stay compliant4) Documentation - Find a good attorney who specializes in lender matters5) Formation of Entity - you'll need an attorney to form an entity such as a mortgage pool to remain compliant with SEC laws concerning Private Placement Memorandum offers.My friend and mentee Gerald Lemoine has done just that.

I have some things in mind that I know will work since I have a couple of partners I can work with, so I know things will work out fine.

Either in a new LLC owned by both of you or with both of your names on Title.As for terms & splits that would be something you would need to work out with your partner.