Karen MikolainisOnce upon a time there was a real estate investor that had like 50 first mortgages on properties, as well as a few second mortgages, some HELOCs, and some unsecured lines of credit too.

So I needed $20,000 cash when I had around $1500.I called up my two best friends, and convinced them to each put in $10,000, while promising them $1500 each in profit.I had applied for an unsecured, personal loan at a bank nearby, and was expecting to get around $60,000 as they loan up to $100,000.I was surprised when they came back only approving me for $20,000. 

Your seller knew the BK unsecured the debt, they just didn't share it with you.

Maybe HOA fees or other fees.Realistically, if you want to do this with none of your own cash, you're either going to need to borrow some money from another source (HELOC, unsecured loan, credit cards) or you're going to have to buy at an even lower price in order to get more cash from the loan.

If a seller accepts a letter from the bank that the buyer has "over 120K worth of funds available unsecured" then it is a cash dealIf a seller accepts a buyers dad's account image and a letter saying "Junior can buy a house with this if he wants"If a seller accepts "IOU 120K cash at closing" it is a cash offer.The financing contingency falls under how @Mark Gallagher says.Just my 2 cents.

Using a credit card may be better in some ways because at least it is unsecured debt. 

It's also amazing how unsecured some of these properties are, we can go look at a property and I'll go into the backyard and my husband jokes that he half expects me to come walking out the front door...unlocked bulkhead doors, windows, back doors, etc.

Non USPS items are delivered to the addressee's  front door (which has unsecured access),  Thanks for the question.

Further, an opened notice from the DMV in this tenant's name related to driving under the influence of alcohol was on the floor, and an unsecured Smith and Wesson handgun was sitting on the bedside table.

That would be just as big a mistake on their part as it was for you to lend on an unsecured basis.