You can probably secure the hard money with less than a 25% down payment, and then if things go right - 0 out of pocket on the refinance, but you will still need at least some "skin in the game" regarding a little equity/down payment to start.Sharing this article published here on BP last year on this topic - hope it can help too!

@Stephen Heebner I don't want to break BP the rules (so I won't link to it), but we have a very informative blog post on our Labrador Lending dot com website entitled "How Passive is Note Investing?" 

Here is a list of lenders specializing in this:https://www.biggerpockets.com/member-blogs/2810/50272-list-o...

Check out this article Joe Fairless did on direct mail marketing. 

You help make properties look their best for showings and photos.Real Estate Content Writing: If you enjoy writing, real estate blogs and websites are always looking for good content.

David Orr started Tax Modern and wrote that linked article--I linked his BP profile. 

I just posted an article about this at https://www.biggerpockets.com/forums/48/topics/1192257-how-t...

Your PM using forensic tools can save you thousands $$https://snappt.com/blog/tenant-fraud-statistics/https://www.quora.com/Where-can-I-purchase-a-new-clean-ident...https://www.safetydetectives.com/blog/dark-web-the-average-c...

I suggest reading this BP article on the core 4.https://www.biggerpockets.com/blog/core-four-real-estate-team

We don’t know any PMCs to recommend in the area mentioned, but since selecting the wrong PMC is usually more harmful than selecting a bad tenant, you might want to read our series about “How to Screen a PMC Better than a Tenant”:https://www.biggerpockets.com/member-blogs/3094/91877-how-to-screen-a-pmc-better-than-a-tenant-part-1-services-and-processesWe recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.