That happens to be true, but the real problem is that it introduces artificial inefficiencies in the market that end up severely harming the people that it's allegedly supposed to help.

I will say Key Bank is a bit annoying to work with (I was warned by guy who recommended and can attest personally that it's true) but honestly not a bad option.

Hahaha you need to shop around even 5 mil policy still under $500. 

I was thinking more auto shop, lawn care, electricians, etc.

Heres some common structures:5-4-3-2-1 - Stepdown (5%,4%,3%,2%,1%)Flat PPP - 5 year PPP and there is a 5% hit in fees at any point in time within the 60monthsAbbreviated PPP - 6 months of interest payments on 80% of the balance at closing.It's all different... just shop it out and choose a dscr broker who has the knowledge to help you make an educated decision.

Purchase a business property such as an automotive repair shop.

You are going to turn off a lot of lenders with your post because you are clearly going to shop every term sheet that's turned over to you with a focus exclusively terms with no regard for the servicing, loan administration and most importantly what that loan officer can offer you in the future.

. $790k turning into a multimillion property seems like it's too good to be true.

Personally not a fan of out of state BRRRR.I think it's a recipe for disaster and having been in the game for 10+ years, I've seen the disaster first hand as I bought hundreds of deals from disgruntled out of state investors who thought they can do it themselves.My property management company has doubled in 12 months also due to out of state investors getting caught with a poor property manager when trying to do it themselves from afar so they come to us for help 🤷‍♂️I'm seeing many investors buying D class crap on the MLS for too much and that needs work.They end up being into the property for 30% more than they would be that if they just bought turnkey.A true turnkey provider will find the cheapest/best deals through a variety of acquisition methods, renovate well and sell for fair market value (And manage in-house).If things go South, they are solely to blame and the penny drops with them.But with DIY, who is to blame?

MKE is still a great market, but quality investment grade properties are not exactly cheap and that is probably true for most Midwest markets.