Based on what my real estate agent thinks that this quote will be, roughly, and the after repair value, it looks like I could buy this property in cash, spend a month or two fixing the damage, and then put a mortgage for roughly 1.6x what I paid for it and thus have a cash flowing property at a few hundred dollars per month and a little more money in my bank account ready for a down payment on the next deal.

There is almost no scenario where a condo would ever positive cash flow while servicing debt, and very little positive cash flow with no debt.If your budget only allows for a condo, find a better place to put your money to work.   

Was that purchase money, rate and term refi, or cash out refi?

. - We always recommend buying your first rental locally if possible and DIY managing to learn as much as possible before investing OOS.2) Lots of crooks and incompetents in the PMC world:( They both cost you money.- As already stated, you'll have a small portfolio.

If you can get a better primary residential HELOC rate than you can a hard money bridge loan I would say yes.

Has anyone saved money and closed with one of these new upstarts?

Could someone break it down step by step for me and explain why yes or why no and if yes how would someone like me with little money get it done and profit from it.10 unit multifamily investmentI look forward to learning from someone that has done it.

Their ability to recover their money should you default is much lower in this position.

I think having a balanced budget would be ideal where you allocate money into buying another property and money set aside for renovations.

If you didn't actually get any money, how do you know for sure they are a real legit lender?