You calso never have to worry about "Money in the bank' versus a credit risk HELOC. 

And does his bank accept it? 

@Seth RolandLoans like bank statement loans or DSCR (Debt Service Coverage Ratio) loans could be great options.

When you are on the commercial side of the bank, and borrowing on the bank's balance sheet, they have a lot more flexibility to how they handle loans.  

We were able to refinance with our go to bank at a decent rate in this environment which allowed us to pull out our initial investment and renovation cost.

The lender Bank was being bought by a larger and needed the non-performing loan off of the books made the deal even sweeter. 

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

However by your own admission this is a large bank.

Also let me know if you have recommendations for local banks that I can work with.3.

Each jurisdiction has its own laws but I know from a padsplit operator's testimony in Jacksonville Florida that she had to go through the eviction process.