Crunch the numbers - Carefully calculate potential cash flow, ROI, and cap rate.

The going rate in the Austin metro is 1 month's rent as a fee.

Interest rates on HELOCs are typically more than a mortgage, but if you think about the blended interest rate, you are likely paying less for HELOC + old mortgage than you would for a new mortgage.

That, coupled with interest rates being so high, make it hard to find a house that will cashflow right off the bat.

He would charge a double digit interest rate.

There are actually 2 chains of title on leasehold properties... one for the leasehold interest (transferred by assignment) and one for the fee (transferred by deed).

We are very interested, but what is a fair rate?

finding properties on Zillow that you never see in person, putting 25% down and hoping people you've never met handle everything for you... not a great plan.and yes, you will need a long time horizon for a portfolio to actually generate cash flow buying at todays prices and rates - 10+ years. 

It will, depending on the financing, rents are strong in that area.Let's say you take a mortgage of 600k (75% of your ARV) Taxes - 5k Annually Insurance 2k Annually Rate - 7.5% 30 Year Fixed Your PITI payment would be $4,778.62If the lender is using a DSCR of 1.1 - you would need actual / market rent of $5,256.48 to qualify for a 75% LTV loan. 

If you don't have a low rate locked in, you could do a cash-out refinance as well that goes up to 80% LTV. 2.