But for large multi-family, that amount hardly covers your legal fees for one transaction, let alone down payment, due diligence costs, lender fees, other closing costs, etc.

ALL closing costs will be paid by the cash buyer.

I paid him the normal closing cost, a few $ grand in fees, and a slightly higher interest rate than I might could have gotten conventionally. 

That strategy, however, is going to take a lot more up front work than just posting a bedroom for rent for $900/month (or whatever the going rate is in Richmond) on airbnb and FF.

The lender does charge the flipper 4 points upfront, and the note represents 55% of the property’s ARV, so I’m not too worried about needing to foreclose if it comes to that.The lender uses his own capital for initial funding and then sells off the notes after that.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Generally, most reputable lenders in this space won't have any significant surprises with terms and fees because they spell them out upfront in the applications that they provide before you move forward with the loan underwriting.5. 

To be brutally honest i don't care if it's at cost, below or above, I only care what it is exactly and how much. 

Understand that the cost to the investor is only the cash that's out of pocket. 

When you took in the increased cost of the build how did you arrive at that percentage?