It seems like the shortest path to cash-flow with the less out of pocket expense. 

Do you have a current need for that cash flow generated from the tax savings?

I've told it to many clients myself over the years.I wonder, however, whether it is true.

Purchase price: $395,000 Cash invested: $39,500 We were dreamed buying home in California, but we just turned our around.

Contrary to most business lending, the REI industry has a lot of "non-bank" lenders that provide attractive loans that can lower your cost of capital and improve your profit/cash flow. 

Then you 2 would agree on how you would split the profits once the property is generating cash flow and the original equity is returned.

Quote from @Ogonna Odo:  Small ones will not, they typically like cash or checks.

I am wondering if you are making some assumptions that just aren't true. 

Plus they normally pay in cash to avoid the above issues.  

There are a very limited and reliable few of lenders that do true DSCR 2nds.