He is a direct lender, not middleman broker fees. 

Many lenders will allow you to do a BRRRR and take cash out, even without owning the property for 6 to 12 months.

@Zach Denny  Similar to what Minna posted above, I have done with a local portfolio lender bank where they set their own lending rules. 

Two separate property appraisers (at the direction of the lender) were sent out to appraise, and neither was willing to appraise it as a "residence", and thus financing fell through (conventional primary loan).

The lender will require that you live in it for 12 months and then you can rent out all of the units after that and start the buying process using the same strategy all over again after that 12 month period.  

This would also allow you to get better pricing from lenders.

Many lenders won't allow you to sell or refinance the properties individually if you have these on a blanket mortgage.

But most of these bridge loans have future funding components where the lender will fund renovation work as the work is completed and add that to the loan balance. 

Some Lenders can even take just the Lease Agreement.

or you can reach out to a broker who can shop 80 lenders in a matter of minutes for you.