This is merely what I am hearing along with some suspicions.

Did you merely purchase the home well or did you undertake improvements that led to the $200,000 of equity? 

Likewise if it's on the lower end of the scale then you will attract that demographic just out of mere general selection.However, all this stated, if your intention is to make your working capital spread out over a number of homes/investments over a shorter period of time then buying a number of properties or not having to invest a lot in one or two MH's may be a better choice for your particular niche.But if you're new to the F&F biz and have limited capital you're much better off partnering with someone in the area you want to invest in before jumping in with all fours on your own.

I'm not endorsing or talking bad about any lenders, just merely discussing the data. 

@Sarah Meres can you help answer any questions regarding Gloria's credit or business regarding lending opportunities?

I merely said that these issues are subtle, and not easily learned through Google or Nutshells or Gilberts or even through a long-ago course in law school on Civil Procedure or Real Property or Evidence or Insurance. 

@Randall E Collins One way around the assignment is merely draft an amendment to the original contract with the agent stating "Buyer and Seller agree that XYZ (your end buyer) is the buyer" (or word it how you all agree) BUT have an email with the end buyer and the closing company stating what your fee is first to secure your fee. 

Although I am eager to get started, I am a mere novice and don’t know very much about real estate.

This brings up a good point in that we often dont realize that banks are merely government institutions. 

Assuming you are comfortable with the 70-75% LTV, the decision to take cash out is merely determined by anticipated return on the capital to invest vs interest rate on the cash out refinance loan.