Just try to get that interest rate from a bank. 

There are MANY good SDIRA companies out there across the US, and its not like you need to walk into the bank to cash a check.

If it would help to get a more detailed estimate feel free to reach out.Documentation is rather limited, just ID, bank statement, LLC documents to start.Sometimes there are interest-only options at 30 and 40 years, generally the difference in payment fully amortized over I/O is minimal so it may not be worth it.

He's content to just walk away and let the bank have it.

@Guillaume Vidallet I'll chime in here since it seems like everyone answered your question and gave some great advice.I'll suggest that whether you have one LLC or multiple LLCs you have separate bank accounts for each and make sure not to commingle any money.

Do not sign up for courses that cost you a lot of money.Go to talk to your bank to find out how much you are qualified to borrow and start running the numbers on what a rental in that price range would look like. 

Would you be able to put me in touch with someone that knows how to buy foreclosed bank or municipality properties?

How many banks do you work with, the commercial terms they offered you are really crappy..

This list includes a few:Lucid Motors with 2,200 jobsSilicon Valley Bank with 300 jobsRaytheon Missile Systems with 1,000 jobs in Southern ArizonaMicrosoft Datacenters with 1,100 direct and indirect jobsCarMax with 430 jobsInfosys with more than 1,000 jobsAnd Hopebridge Therapy Centers with 650 jobsOn behalf of the Arizona investing community, I invite you to plan a visit here and see what's going on for yourself!

Some banks may lend as a HELOC on the rental property, or refinance it.