I have a client who is in double digits with cash properties right now and trying to refinance all of them to lock in these PHENOMENAL rates and recycle their funds and they are seeing the same "tax" applied. 

Think you need to learn apartment operations well enough to understand the mother's milk - Growing and increasing NOI/CFBT off the property. 

That way you can recycle some of that cash on other deals and really grow your portfolio.

I don't think he is trying to "milk" me, I just think he is trying to figure this out.

Real estate is not like buying groceries where you kind of know the price of milk.

Also I have the ability to do delayed financing, so I could recycle funds as soon as the rehab is done and pay off the HELOC.

The house is in pretty poor condition, they have sheets for garage doors, apparently they ripped out the copper heaters for the metal recycling, dogs doing their business inside on the floor, dead rat in the garage, etc. 

@Forrest FaulconerI’d recycle it over and over again until it doubled tripled etc via quality Brrrr deals.

Starting out I would try and figure out neighborhoods that aren't being targeted by most agents and you will have less competition.The best exposure for little or no cost is using social media, Write valuable blog posts about things in your area, For example one of the best responses I ever received was one blog post talking about our local recycling center.

But, saying you are new and looking to buy with seller financing is just saying you want a cow to borrow so you can get the milk for free.