When you say "you might be able to get 10-15% down from your own cash + the HML for the rest" - What do you mean by this? 

Cash out should be used as a 12-24 month loan so that you can buy another property and pull cash out at the next 12th or 24th month mark.At that point you take a portion to pay off or down the first loan and use the rest as a down payment on the next REI.

The rest is history. 

@Joseph M. prices have certainly gone up with the rest of the country through this great recovery since the financial crisis.

Why is the refrigerator in a closet, and how does that correlate to the rest of the kitchen?

I FOUND THIS DEAL THROUGH WORD OF MOUTH I WAS TELLING DIFFERENT PEOPLE IN MY CIRCLE I WAS READY TO BUY AND LONG BEHOLD A BUDDY OF MINES WHO IS A REALTOR PRESENTED ME THE DEAL AND LET ME MEET THE OWNER WE HAD A GREAT CONVERSATION AS HE TOURED THE PROPERTY WITH ME HE EXPLAINED HE HAD HIGHER OFFERS BUT BECAUSE HE SEE IM A YOUNG GUY DOING THE RIGHT THING HE REALLY WANTED TO SELL IT TO ME AND THE REST IS HISTORY !

I am thinking about taking a $10k loan against my 401k to get a little caught up and hopefully use the rest to invest.

He collects cash down payment and finances the rest.

For the rest, I scraped together savings and maybe skipped a few Starbucks runs (okay, a lot).

Then the rest of the time, the net income goes 50% reserves, 50% towards 2nd rental property.