Some preliminary details to get your appetite going. 

The CMBS and securitization market provides lenders with liquidity by enabling them to sell their loans and distribute risk across a large pool of investors with different appetites for risk/returns.

Depending on their appetite fur rusk and principle loss, this might be as low as 5-10%.  

I just want to reinforce the fact, that this is my personal experience, it is not to say, this is the norm, but I consider myself fairly experienced with a fairly large buying appetite and capacity, trust me I am always looking for deals.

If I engage an attorney, I would try to build his fees into the cost of the loan, probably as points on the backend (after flip).One of my worries is that with the added cost of the attorney and with the return I require to satisfy my risk appetite, the rate I can offer them would be uncompetitive (one of them who has a steady income, good DTI  and prime credit score can get fairly competitive (6-8%) rates on an personal unsecured loan).

But I am a glutton for punishment, so it only wet my appetite so I kept going onto other deals.To answer Mike's question - I went on to get my Brokers Lic. and took over an existing office as the operations manager, first thing I did was revamp the rental department.

It is the risk appetite of the bank at that time and other factors as well.Hope this helps.

We have moved to hardwired-interconnected with battery backup (in older buildings we use the ones that interconnect wirelessly if we cannot easily pull a 14/3 between the detectors).We also make it very clear in our lease that disabling or impairing the functionality of any fire/gas detection or suppression equipment is a minimum $200.00 fine and cause for termination of the tenancy.

We don't sell the equity in our model because absorbed cap rates can change as can appetites but that doesn't change the performing numbers either if you simply hold on.

The where is going to depend on your fundamentals and appetite as a Real Estate Investor.