Eventually, you will not need to find a partner because you will have established work history, credit, and equity in the first deal that you can use as collateral.

I would think if its a up and running HML then there is a PG attached to the loan... the loan is on the collateral not the LLC...

In that case you would have to get the collateral files to do most of your due diligence.

Fannie Mae actually explicitly uses artwork and collectibles as examples of collateral you can borrow against for a down payment, not just real estate, but I've so far not tried to be a smart alec and use a smiley face drawn on a napkin as "artwork" collateral.

you don't want an unsecured loan to finance good collateral.

I explainedthe need for their endorsement to complete the repairs that were necessary tomaintain the value of their collateral.

We've also done deals where the seller had no note on the house and could pledge it as collateral - so instead of doing a traditional sale, they entered into a JV agreement, and the loan was essentially in seller's name, the seller remained the owner until the flip was over, and once they sold, they split the profits.

you assure your investors with paperwork collateralizing their money and with showing them your experience in whatever avenue of real estate you are putting their money. 

After you take collateral you still need to seek indemnification for amounts due, selling the collateral, an overage goes to the estate, a deficiency is an estate liability.

Pen Air ran my credit and apparently my debt to income is still an issue with them even though I have a SATISFIED MORTGAGE as collateral for the loan/equity line/ whatever.