His note seemed to indicate it was an unsecured line of credit so I wouldn't touch that with a 10-foot pole.The short answer is: everything is negotiable.  

Most banks or credit unions simply wont do them post the GFC..

And where do you think you can get rents.We've been able to secure 80% loan to cost on these types of deals with a credit union recently. 6% is a good rate, but I would see if you can shop around the LTVGood luckGino

Hard money and I was able to acquire $90K in credit lines from 0% APR credit cards.

Picking a house with major, costly structural issues or in a location with poor rental demand can hurt both the rental and refinance phases.

If you recall also those with swimming pools in Los Altos hills that were on a hillside some of them the water came out and flooded into their homes.. it was quite random.. my kids were walking home from grade school alone ( Back in those days it was OK for kids to walk a few blocks by themselves.. )  The poor folks though on Hwy 17 connector through Oakland got pretty much squished when the top deck fell down that was very sad..

I understand wanting to save money on the monthly fees, but when it comes to maintaining an investment that can very easily be devalued by deferred or poor maintenance it's worth it. 

I oddly enough started with Rich Dad, Poor Dad, and then went on to three more books from Bigger Pockets publishing who all mentioned that book.

If you dont have great credit, 9.5% is probably about right.

You can start accumulating college credits right now, and graduate when you are 18-20, with little debt, if you really want it.