Is the credit over 780 for both #2 applicants, or is that an average?

Credit!

They may also require US credit history, although there are a handful that will not require a US credit report for an increased rate/ reduction in LTV. 

Their debts would include not just car payments, student loans, and credit card payments but also things like child support paid.

I predict that the guys who are fully leveraged and cash flowing $100 per month will be motivated sellers when the next big correction happens.actually its either them or they walk and its their lenders selling that is what happened in that time period.. and was pronounced in certain markets.for me personally  I don't want to risk  my credit and finances and borrow 75k to make 1200 a year... or even 2400 a year if its a market that has a history of no appreciation and I don't feel there is going to be any significant appreciation.. 2 to 3% a year does not cut it.but I will take 500 a month negative or 10k a month negative if I think there are huge gains at the other end.. 

At the numbers you are talking about and where the market is heading you could pick up some very high quality NNN national credit tenant properties as commercial continues to recover. 

Private lender will be close to a credit card interest rate for them to finance something like that.

Also Mike, why is cash out higher with refi, do you mean just with the credit union scenario? 

For us we all typically use 0% business credit cards to furnish the property which can amount to $40-$60k+ depending on how crazy you go. 

We provide free medical coverage, free food, free housing, free cell phones, free internet, free clothing, free transportation, guaranteed employment for any/all who ask (salvation army), free furnishing of a home, free temporary housing, free shelters, free free free......