They just don't seem all that liquid. 

Pouring a liquid down the drain line doesn't really do much especially if the lines are clogged or blocked.. after snaking the lines try to use a product that will foam up and fill up the lines.... there's home remedies and store products that you can buy that will work.Lights flickering could be as simple as tightening the light in the socket.

We have agree to use that same "multiplier number" for each property if/when one of use wants to liquidate out share (or partial share).Our 'highest multiplier' we use is on a couple of older properties we have that were purchased fairly cheaply. $1200 rent on  an 80K all-in price for two of them.

In your friends' case, that might be liquidity.  

To me, that doesn't feel high enough given my average market returns of 8% and stocks are more liquid.

In short, here is the way it would work for you:  The line of credit would be about 5X your current liquid assets. 

I don't want to liquidate my assets for a down payment if it's not even possible. 

There are multiple factors including preferences, liquidity, budget and time horizon.My article: Choosing the Right Real Estate Market To Invest In: The 4-Step Guide to Success should help you get started. 

Reason - wife is done w/ tract home living - liquidate all  -  buy her dream land and build our home now w/ late research! 

Meaning that if something happens to the house, holes in the walls, someone throws a lit match in the back window, spray paint all over the outside of the house, use your imagination, between the time you won the bid and your final walk through before closing, you can get your earnest money back..