Rates fall off a cliff if you go 25% down. 

The effort to foreclose, the limits on rates, etc.Maybe a unicorn to find HML that will loan him the necessary money, but I doubt he will find it.  

Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).

They generally have the recipe down and just need the deal funded if that makes sense? 

This will be an equity partnership—while I have cash to contribute, I am not looking to fund the entire deal myself.

I have been investing mainly in trust deeds but like you got connected with Dave and just recently ended up investing in his fund, my primary reason was for diversification and because it is passive. 

I think most investors want to win on more than just the interest rate.

I wouldnt want to sell unless I needed the funds for something else .But it doesnt hurt to ask them if they want to sell 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

If you’re short on funds maybe seller financing or subject to deals, where you take over a seller’s mortgage or negotiate direct financing with them.