Loan amount is 283,500 for the two properties, origination fees are around $4,300. 

More on DSCR loans: DSCR loans won't use your income to underwrite the loan.

The owner owns the home free and clear, and then took out a reverse loan-HECM line of credit about two years ago.

I should have used templates and calculate using things like the dea analysis and offered a lower purchase offer, and negotiate better loan terms.

You're right but $40-65k is still relatively cheap when you're just looking to buy something out right in cash without having to use a loan at all when that amount is probably your average downpayment for something around $200k for a duplex in other neighborhoods. 

I think using a heloc is a sound strategy, but be sure you find a deal where you can cash out refinance into a more stable loan.

Hey Liz,As a loan officer who has completed more than 2,200 loans in Minnesota, I can assure you that attorneys are completely unnecessary, and expensive in Residential Real Estate in MN. 

The reason for this is that existing loan guidelines are set up to favor people buying their primary home.

You have fixed build cost it seems and fixed loan costs after the refi.Are you building 2 bed 1 bath duplexes? 

Especially if you’re interested in finding off-market gems.About your first few questions when it comes to bank accounts and loans, there’s no special “land flipping” bank account, but you want one set up specifically for your real estate activity.