Below is an illustration of the traditional loan process: choose a lender, receive pre-approval, and close with that same lender.Today, you still get pre-approval, which we used to make offers.

Insulating the side of the foundation as is shown in this drawing (which may not be 100% of what you have, but illustrates the point) is also a temperature control strategy.

There are tons of horror stories, forums, testimonies and every other form of information illustrating what you have here.

So this is to sort of illustrate that "middle ground" of you being the "head" of your own management company but saving at least some of the 10% management fee.

My comments are merely illustrations of a way in which it could be considered beneficial to operate as OP proposed.

An agent can run an illustration for you and tell you how much you should borrow. 

In this example, and using very rough numbers to help illustrate the idea, let’s assume you already have enough money in reserves set aside for vacancy, repairs, and capital expenditures, and don’t have any pressing bills or obligations you must take care of in the near future.

Sometimes a little reductio ad absurdum helps illustrate the point, though.   

Also, to illustrate to agents what some of my clients have experienced with an uneducated agent and bring awareness to agents looking to gain momentum in this branch of the industry.

I am just trying to illustrate that without equity there is nothing to protect.