I'm sure this was not comfortable or fun to spend this money for the fixes but the fact that you were able to find a way to do so and stay in the game is really a feat so kudos there!

NOI well below budget.  

Obviously, they will pay less for these loans because of the resources they spend upfront.Most of the larger private lending firms will participate in correspondent loans.

Depends on really what you are looking for:-Speed - some HMLS can go "no appraisal" so can close very quickly and beat cash offers if you are in a competitive market to buy-Interest Rates - can range anywhere from around 8% to 13% (same with "points") but not usually as huge of a concern for flippers since the terms are so short-Leverage - depending on your risk appetite / capital - this is also a top concern for some (almost always over and above rates/fees) can see anywhere from around 80% LTC to even mid 90s LTC (including 100% of rehab budget)

This way it’s no up front out of pocket expense for me and they then have the extra money to spend as they need it.

In the City of LA these unpermitted units typically still end up with a decent amount of construction work to bring it up to current code standards, but if you plan for it, and your budget/proforma allows for it, it can be an acceptable investment.

Even without a budget for repairs/etc - let's just define "cashflow" as income left over after PITI & utilities for a moment - Mac Groveland and Highland Park are going to be tough.

Spend some time talking to investors, asking for names, talk to a lot of banks.

You will have less to invest, but you will spend within your limits.You must maintain control of your finances.

He spend $3k fixing it up, rented it for $700, but lot rent was $300.