I think everyone should buy in Lima.  

(Lima, Ohio is the Center of the Universe)So I will be forming an LLC or an S corp for my Buy and Hold RE business anyway.

The appraiser said they typically use 9 - 9.5 Cap for assets like this one in Lima.  9.5 Cap would valuate this thing at $484,000.Put down $5,300 when closed / Made $3,000 CF in 2013 / Made $12,000 CF in 2014 / Aiming for $16,000+ in 2015 since this refi alone will lower my Debt Service by about $2,000.My liability after the refi will be around $355,000.  

I am in Lima, but lived in Columbus and Cinci.The answer to almost every question in REI is a function of your exit strategy.

At 12, Engelo Rumora rolled into the sunny Lima to have lunch - sushi and sake baby...FOR LUCH!

Anyway, only because I know what you can do in the market if you just do your homework, I don't offer anything less than 20%, which, by the way, is even less than what I pay to Lima One at 12%, and other HMLs, but without all the red tape and inspection fees, draw fees, massive points, etc. which drives up the total cost of financing well over 20%

Another BP thread had these lenders posted (if you are okay with non-deposit lenders, i.e. not a bank):CoreVest Finance  Lima One Capital  Visio Lending Never used them. 

@Jonathan Bak the goal is not to keep them on the phone longer.

Lima one at least when I do a new construction loan they do hire a 3p appraiser and I pay them direct.. 

You cannot have somebody living in the property.Some national lenders that another BP post gave that seem to specialize in real estate lending are CoreVest Finance, Lima One Capital, Visio Lending.