Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

These properties cover my mortgage, allow me to save for maintenance/repairs, and are projected to be worth $7–9 million by retirement.

Goal is cashflow or at least covering a substantial portion of the mortgage. 

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

Loss of use is foryour additional expenses if you can not live there due to a covered claim (ie.

As others have said, hard money is not free - you're paying interest every month on the balance until you pay it off by refinancing, and if you can't refinance to cover the full balance is obviously still due.  

Realtor; "Picture yourself kicking up your feet & enjoying some me time"Me; Its a freaking hoarder house that I'm gonna flip!

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

As for non-bank loans, I'm familiar with a loan program that provides 100% financing, but it requires a minimum 650 credit score and proof of funds covering 12 months of interest.

In its first year, the rental only earned enough to cover half the mortgage.