While I secured the initial financing for the property, I have two other partners/groupings (a total of 6 people) that are contributing to the closing. 

But if do a BRRRR from far away that's risky too, without a really good and trustworthy team in place and lots of checks and balances (security cameras, someone local to check on your property) and the ARV and refinance aspect can be challenging.  

The security deposit should never be used for anything during the lease.

My inherited tenants ALL SMOKE and none had security deposits. 

Create a weighted criteria chart, visit top markets, engage with local experts, and use resources for market analysis.

I will do that diversification myself by giving my money to those who I perceive to be experts in specific asset classes, and do not a single sponsor to do that. - Sponsor is transparent and realistic.

You want to make sure that asset is secure.

Are you priced fairly and have a low security deposit?

Every expert started as a beginner—take the risk and start your journey today!

A lot of the time, the HML 2nd secured by the high equity primary residence would end up getting paid off in short order with via a HELOC, so there'd have to be points in it upfront for the HML for it to make sense.