[GittyUP]

It sounds like this guy has no available cash to make the deal happen and wants you to finance the deal and carry the risk if the deal goes bad. Basically he is offering the service of finding the deal (moderately hard if no experience), doing the rehab (not very hard to find a reliable contractor), and then reselling (hire a realtor).

He isn't really asking you to do a hard money loan. This is a lender who offers a short term bridge loan at high interest. (Which is very desirable type of loan in many RE transactions).

EDIT: OK im actually very confused after looking over the post again.

So the hard money loan from your wifes boss is what will be used to purchase the property initially? Is this what you meant by "he will purchase the property cash."

If this is correct then my initial assumption is correct in that he needs your credit and/or access to hard money (it being you wife's boss) to make this deal work.

Also i wasn't aware that BOA has a non seasoning policy. even if they there wouldn't be much equity until the repairs were complete. I thought HSBC had the best with a two month seaonsing.