Waiting until you get a deal under contract to then see if you can put together the debt and equity is a recipe for disaster.

My heart rate goes through the roof as I have about $90k in equity in that house. 

Much more difficult to raise EQUITY capital through partners 3.

The last year I renovated a single family home to rent, pulled out some equity, couldn’t have gone better.

As to structure and conflict of interest, I was initially planning to structure it as an equity fund but was told it might be more attractive to investors as a first lien debt fund and to use it as a bank for the LLCs deals.

(I won't do them)The buyer can be facing "equity skimming" as defined by the law:Penalties of Equity SkimmingEquity Skimming is a type of Mortgage Fraud.

If anyone wants more information about my POSITIVE experience with SDIRA, please feel free to DM me.

Is the 11% equity from the appraisal over the sale price?

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

But i'm sure that perspective will increase or decrease as I mature. big difference though in 30 mil in equity in RE and 30 mil in cash after you sold your business or your stock and bond portfolio is worth 30mil.. crypto goes up and down to much LOL.. but I am sure there are plenty of very wealthy crypto dudes and duddets.