With no credit/assets/income/proven history you're going to have to leverage relationships you have in order to get funding, and even then, it'll be an uphill battle.The best bet would be to find a partner/investor willing to take a risk on you, if you have a portfolio which details your experience that would be a good first step.

He is wanting to partner with me on some deals and was asking if he could do that with his 401k.

Schedule E or C usually).If you are setting up a multi-member LLC with investors or other partners, then you should probably consult an attorney who really knows what should go into a good operating agreement for a multi-member LLC.  

Whats the best way to make it mutually beneficial for us to partner together?  

I am not in the Chicago area so I wouldn't be able to whitewash the property and make it look more presentable but I do have some boots on the ground partners in Chicago who could maybe help me out with that so thanks for that tip too. 

We are considered to be the average of the 5 people we spend the most time with so connect with REIA meetings, accountability partners, and mastermind groups to engage with individuals interested in real estate investing.At the bottom of this page is a list with help in it.

Account Closed  not to hijack the thread BUT  my partner when I was in the timber business owns 1 mile on the Trask.. no boats can float thru its 3.5 miles up from tide water.. fall run was in..

great to meet you here my partner lives in the Seattle area as well you dabled in land always looking for a good land project to market.

Whatever you do, make sure you use a good attorney in Oklahoma who specializes in real estate and understands investor transactions.Or, and I'm tried of typing now so I won't go into great detail, you could possibly do a Joint Venture with your mom where she (with you as a partner) sells the house to someone else on owner financing, gets a down payment, and then finances the rest at around 9% for 15 years, but you agree that you will find the buyer and manage the payment collections, dealing with the buyer, possible foreclosure, etc., in return for X% of the cashflow.

Spread your risk, if you are young, experienced, old, novice does not matter RE investing is all about doing your homework, working with a good contact, partner, operator.