If you can purchase this home with private money or seller financing and get a $110k loan, then you could do a rate/term refi right after so do a 90 or 120 day note to secure the property and get it in your name, then refi into long term debt using the full appraised value. 

Like Devin said, double digit rates and you could still have fees similar to a first position mortgage.

I do private lending in a self directed IRA with Equity Trust Company as my custodian.

You can take all of your extra money and put it toward your mortgage which will shorten your mortgage and save you on interest.

Currently, I live in Hawaii, house hacking my own property, and am looking to expand into out-of-state long-term rentals.My goals now are to master the art of wholesaling, continue raising private money, and build a strong portfolio of long-term rentals.

The house I would be renting has a current mortgage (including escrow) of $1,100 per month.

They aren’t able to get a mortgage themselves so they would provide the money while the mortgage and deed would be in the others name.  

The first thing to do is get the permission of the existing mortgage company.

-Explore builder-financing programs, private lenders, or hard money lenders who may focus more on the deal itself rather than personal experience.If you can demonstrate successful project management and a solid business plan, funding will become easier over time.

@Devon ShivesFrom my experience, If you're considering a cash-out refinance, negotiate for a smaller amount to keep the increase in your mortgage payment manageable.