We bought it for $90k they said it was worth $90k after $30k in repairs, then a second appraisal said $120k so we could get out of the Hard Money loan by getting a personal loan and maxing out our LOC again. 

I took a small private loan and bought my first home.

Real numbers- purchase 907k,rehab , closing costs, soft costs, 840k, all in 1.747 mil, basis for each unit should be roughly 291kappraisal of each unit minimum 400k , so 2.4 mil if for all 6.I might refi only 4 out of 6, that will cover initial loan amount.

I have several rentals that I can sell with combined equity of 600k+.

And lets say you then rehab it only to find out there is bad title and you make a title claim.. if there is no loan on it your only going to get 50k from title insurance and you will lose the 50k you paid for the assignment and any money you put into rehab. 

Im assuming I will learn the markets and what it takes to get a loan ect.

I took a small private loan and bought my first home.

Not to mention the very long list of the horrors that density of housing combined with poverty has brought all but 100% of the time over history. 

Initial Financing: Used a hard money loan (HML) with 10% down, interest-only at 10.95% for 1 year.

We set a record for our Team, serving 82 families and funding over $32 million in loans this year.We ranked in the top 5% of loan officers/teams in the entire Nation and top 3% in the State of Oregon!!