You might get these days 60% leverage so you'll likely need 40% down payment plus reserves and the financial institutions will want you to keep those capital reserves in their institution.If you are a new investor, there's a couple of opportunities to get started. 

They pay for themselves and put money in my pocket to build up a reserve for the next purchase.

I believe you are not aware that the definition of "equity skimming" has been expanded since the great Federal Reserve debacle of 2008.  

You'll need 20% down plus reserves for other costs as well as repairs and vacancies. 

These same banking regulators required banks (which include Trust Companies) to hold reserves of safe assets.

I think some folks search for discounts so that's a way for being promoted.Seems guest dont rent a 4 bedroom house unless they have triple the amount of guests they originally reserved for.  

I just used cash to build my first 3 specs no loans at all.. once done and sold then I went to lima got one loan from them.. then went to local bank ( much much cheaper) and got a 3 mil  guidance line and went on to build 30 or so in charleston.. you have to prove the model.. its not like buying a rental where lenders look strongly at your fico  fico is required but not the main consideration like and investor loan and all you need is 20% down or 30% down and a few bucks in reserve that wont fly with spec loans..

@Elizabeth LebI would like to hear what folks would invest 20k in if you already have reserves?

The property will cash flow $500/mo or more after all expenses and cap ex reserves, as well as the payment on the SBLOC.

Even OO with closing and reserves it will not go far.