Working our on capital stack for a large multifamily development and needing some different options with private debt/equity.

Michael's book seems to be a bit unrealistic with the deals he uses as examples.I have $200k of capital now, $1M of capital in June '25 and another $1M available when I get some units under my belt. 

If you only have $25k to your name, and you have investors that understand the impact potentially losing that $25k would mean to you, they very well could say $25k is enough.As for encumbering a property you are syndicating with a second mortgage for your capital, no.

Regardless of the mold though, In my opinion, the best way to scale is to rehab, sell, and reallocate until you have enough capital to buy the units needed to reach your long term goals.

This structure explains why institutional players dominate - they likely have the capital, connections, and infrastructure to operate effectively in such an environment.

My focus is on Georgia, where I plan to build a diverse portfolio across various parts of the state.My strategy involves long-term rentals (LTRs), buying and holding properties, and seeking both cash flow and future capital appreciation.

I was contacted by Steven Klaus supposed to be a broker of Skyrocking Capital Solution and he approved loan for  multifamily purchase with 100% financing @6% and requested to send Origination Fee of 2% before the disbursement.

Thats another key factor to be able to pull out your initial capital and the next homes DP in a shorter period of time. 

I would keep building capital until you at least get $30k then look into house hacking. 

Are you primarily seeking passive income, capital appreciation or a combination of both?