We have 2 San Antonio sub2 deals that are turn key homes and only require about $20-25k to close (assignment fee + closing costs).They're a great option!

I have been told by a contractor that the foundation of the building is intact, so it does not need to be torn down but requires a "gut renovation down to the studs."

I was told the reserves are a requirement of the REIT loan that we have.

Lenders will lend the lower of the amount between LTC and LTV.Do you require an appraisal and survey?

Purchase price: $74,000 Cash invested: $25,000 Sale price: $145,000 I acquired a property from a couple needing to relocate, with significant repairs required.

This will affect things like required down payment, rates, and even which lending institutions would be willing to finance. i encourage you to look up warrantability for financing just so that you don't have surprisses when your 20% down buyer cannot finance that way.

I work with several who go to 600 or don't require a FICO for commercial at all.  

If they are pre forecloure/foreclosure, probate, or lists that require fast access to the lead to gain an advantage how new is the list and are the leads already on the prominant platforms like Propstream and Propwire?

In some instances the estimate may be less important but rarely if ever do I not see a requirement for no appraisal unless the value is 4x the loan amount.

Using a HELOC for the down payment on the second home might be an option, but lenders may require you to wait a few months post-closing on the multi-family before approving new loans.The BRRRR-style approach could work if you can renovate and refinance quickly, but make sure the timeline aligns with your lender’s requirements.