Instead of the typical 30 day, we extended the contract a bit to allow them time to finish up.Reason #2: I ran into a HUGE hurdle with financing because I had a non-occupant co-signer in my dad.

When refinancing a multi-family project what are some of the "hurdles" that are commonly used, in terms of returning capital to your investors? 

I think this is a real hurdle for some people, and may explain why wholesaling tends to attract some shady characters (Please don't misread that. 

I feel like I have gotten over the biggest hurdle of just getting started but now I have used up most of my cash and maximized the income potential.

It comes down to investors paying too high prices for properties then trying to make up for it on the back end with unreasonably low construction budgets. 

So far the loan offers I obtained seem unreasonably expensive in terms of points and loan costs.

In other words, conventional lending happens in an environment where each party is acting in their own interest, not the interest of the other; the lender will want to see a sales price based on appraised value; the desire to provide a great price for a family member can get in the way of establishing a loan on appraised value, this is especially true if the purchasing relative has little or no down payment; family members may "gift" equity in a transaction to reduce the amount of mortgage money required, the lender must still be satisfied about appropriate value to protect their loan, gifts have tax consequences and IRS guidelines govern gift amounts. 9.Seller-Assisted Down PaymentsNonprofit groups formed in recent years offer down payment money to certain buyers; the payment is linked to a contribution to the nonprofit by the seller, but the pathway is not hurdle-free, assisted down payments may be barred in certain situations; simple and attractive way to secure a buyer who is otherwise qualified but struggling to find down payment money; nonprofit provision becomes part of the purchase contract; nonprofit receives the contributed amount, plus a processing fee, from the seller and sends the funds directly to closing as a credit to the buyer; the funds do not go directly to the buyer; sellers may be tempted to increase the price of their property to pay for the down payment assist.

One hurdle you may encounter is your experience.

Again, no need to tell me why absentee owners list is great... convince yourself that.Is it so unreasonable for me to ask you to come up with a solid reason why you picked absentee owners?

The rationale may be nothing more than "this is a risky market", but it at least shows there was some thought process put into the offer and that you are a serious buyer.I have a motto I've tried to follow most of my life: always make the other guy appear unreasonable.