He genuinely seemed apologetic and wanted to fix this issue going forward. 

There are stated or no income 2nd mortgage loans but typically these are fixed term and fixed payment type second mortgages meaning the interest rate usually doesnt fluctuate like a HELOC or home equity line of credit would fluctuate (prime + margin = annual rate calculated based on a monthly basis). 

Fix and flips?

Roughly 8.875% on a 30yr Fixed fully amortized. 

The flexibility of being able to fix it when I find an issue will help me a lot.

I'd like to share some insights about the process of finding and securing funding for investment properties especially for fix and flip deals.

Other small things I do besides leasing, mangement, some maintenance, are installing keypads to doors, programming gate remotes, garage remotes, doing walk throughs, doing walk through videos (15-20 mins move in/move out videos), advertising videos, take care of our website, our portal, fix the gates and cameras when they go out, just like everything you can think of.   

30-year fixed DSCR Nice! 

Unfortunately, North Jersey is probably one of the hardest BRRRR markets in the country right now because of extremely low inventory, high demand, and pushed up prices because single-family home buyers are buying the properties that we all used to buy to fix up because they are desperate.You can BRRRR, carefully, into many parts of Pennsylvania though but remember that interest rates right now make it very hard to BRRRR.

Typically most lenders will require a minimum loan amount of $100k and a minimum AS IS value of $100k for a fix and flip loan.