It makes you look like you’re asking for a new build, not an existing home. 2) Anytime you mention big items like HVAC/roof.

Anything above and beyond what I mentioned is a bank and its own overlays. 

I know some mentioned about developing banking relationships and I totally agree with that, so here is what you do. 1) Open a business checking account in the name of your LLC to hold the assets. 2) Deposit your cash into that account to fund the real estate purchases3) After owning for 60-90 days, talk with a local lender about a line of credit against the 2 properties at 60% LTV. 4) After about 30-45 days, have the line open to use if you need that liquidity that you used, but until then you are not paying 7% interest on nothing. 

My suggestion is that if you are going to make this a long term endeavor you definitely mention that.

As mentioned above, they have some of, if not the best, tech/portal out there.

I probably wouldn’t mention your third point - it makes it sound like you expect them to hold this note forever and I’m not very certain, but I’m guessing there isn’t a huge market for $100k secondary notes.Have you considered asking them to finance 90-100% for a short period of time so you can rehab and refi at a higher valuation?

But, in a market where short-term rentals in areas like Tampa Bay are on the rise... and I mean, last time I chatted with an investor-focused agent down there, she mentioned neighborhoods around St.

Start-up expenses like the ones you mentioned can’t be fully deducted in the year they’re incurred.

Quote from @Shaheen Ahmed: Quote from @Travis Biziorek: Wow, nobody mentioned Detroit yet?! 

Because of the time value of money I would rather have the cash flow today to reinvest in other projects.You mention that that seems to rely on appreciation- I think it is the opposite, by pushing out the term I am focused on cash flow.