The term "landlord"  or "land lord"  has always seemed like an old term left over from the 1800's when my ancestors were both peasants and poor tenant farmers paying monthly rent to the more wealthy owners. 

The ReFi paid the HELOC back, and there was enough money left over for the down payment on the 7 unit. 

In theory that would give me closing costs back and enough left over to be very close to that 20-25% mark.

I have the means to obtain the property, however, I will not have any money left over to cover the actual repairs.

Just to fully understand things, in the unlikely event that one would foreclose due to ground rent; after a foreclosure auction, you would only get the amount for the lien that was placed on the property (for the undue ground rent), then anyone else like a mortgage company would get their portions, then any left over equity would be given to the property holder?

When it’s all said and done I should have some reserves left over but It may not be enough for my next deal.

If he doesn't need the income now, I'd say go for a 15 year loan and devote all the cash flow to paying down the loans, one at a time (so minimums on loans 2-6 and everything left over from all those rent payments onto Loan 1, till 1 is paid off, then start focusing on Loan 2, etc.)

The deals you chase are probably the leftovers lol

Any leftover in the tax account after tax time would be my "return."

Any money left over from the rehab goes to reduce your loan balance.