@jeff studerSo the borrower won't put anything down, but wants only 10-12% APR; and they want to use the money on multiple projects so it's not even close to what would be considered a "typical" mortgage where each project stands on its own merits?  

@Rebecca McDonaldSome lenders have products based on the merits of the cash flow of a property as a means of paying them back.

There is way too much true private funds that people lend on the merit of the deal to try and get "creative" with federally guided money.

Would the banks still look at the normal criteria like personal assets, credit history, etc or would they lend on the merits of the property?

Each has its merits, and I think most people just learn what they like through trial and error. 1) Service Providers: These are people who make up your working crew.

@Abdul AzeezYour analysis based upon @Frank Gallinelli's approach has merit, but be certain your input assumptions are correct (in my experience a 6% allowance for maintenance and a 6% reserve for CAPEx are too small ... these values should be in the 8-12% range depending on the state of the asset when you put it into service).You might also be a little aggressive in your assumption on rent growth - again better to do your purchase analysis based upon flat (or even slightly declining) revenue growth to be certain you have the wiggle room to handle future events.Corollary to the flat revenue growth, you should still assume your operating costs will increase by (at least) inflation every year.You also need to be confident in your up-front rehab estimates (better to over estimate until you have the experience).1.

but I absolutely picked her on merit.

many agents and sellers want to see how much loan $ you are approved for, and/or cash on hand to afford what you are offering to buy, in order to take you seriously enough to go through the trouble of a showing and the time negotiating offers and terms (lest they waste that time with any and everyone not qualified but just interested in wheeling and dealing to see how low you will go or whatever).the moment a potential 'buyer' drops the W word, there's this implied expectation for the agent/seller now to suddenly take the wholesaler on their sheer merit - as opposed to on any financial qualification to enter into a binding contract - that they dont have any interest in the property actually closing *unless* they find a buyer to make a profit off of before the contingency period runs out.  

Some of the opportunities we're looking at are in places where Shane's got an established team.Investor Network - We probably won't go this route, but if we don’t have enough capital to make a deal, and Shane can pull on his investor network to pull in the difference, it may be worth a bump in the deal.Deal Flow - Finding the deal itself is quite valuable.Project Management - Who’s managing the project (upfront and once the project is rolling)Work Support - This one is weird and I'm not even sure if it merits being called out.

Above all this comes the merit of the property itself and your ability to delivery on the strategy.