Hard to say as each bank has their own requirements.

Also I heard rates were somewhere in the 6’s and the origination costs were low and more comparable to say a HELOC. 

@Brian Eastman As a general rule, how much of a rate premium are those specialty lenders going to charge compared to, say, a 30y FNMA loan in your personal name or (more likely) a typical 7 or 10 year commercial loan?

You are putting up $20k cash, he bears the financial risk if the deal goes south...all else equal, I'd say a fair profit split would be 70/30 or 60/40 in your favor since you have skin in the game and his risk is contingent.

If I'm looking for a specific item (say, a stainless gas range), he'll call me when one comes in & he's usually amenable to playing "let's make a deal."

then with the troubles appraisers were starting to include them but note it .this is common in many markets... the foreclosures and bank owned should be excluded from the comps... if all lenders included them nothing in say a city like Detroit would sell for more than what wholesalers are paying for properties..  

This site is awesome and i wish i came across it 4-5 years agoAnyway...so FINANCING question/Help neededI have been investing in RE since 2009 mainly in multi units in Los AngelesTwo 4plexes, One SFR, One SFR that i built a 2nd unit on and I guess now is considered a duplex.In addition to the above I own a personal residency SFR4 investments 1 personal residency, total 5 loans.I wanted to tap into the equity of the SFR that is now a DUPLEX yet i found out AFTER the project was completed that I cannot do a refi cash out due to the amount of loans I have, but that I can try to do a HELOC and then after 6 months if i have used the funds for investment or what not, then i could refi that into a fixed rate loan say a 30 yr or whatever.This sounded swell...

Especially if you are self managing...If you start with, say, a fourplex, and put all your systems in place, in a few years your money will still be there, you will be wiser, and likely you will still find plenty of other larger investments, and be better able to assess those for investments..

That is why I keep telling people that if you do not have all the information on a sale then you DO NOT have a cap rate comp so anyone telling/selling you at a 5% because they say a property sold for X with X NOI then they are trying to fool you unless they can show all the calculations and conditions of the sale.Think of two houses 1000sf that one sold for $100sf= value $100,000. 

So Id say a great method to achieving financial freedom is to identify what areas in expensive locals may have appreciation that will outpace the rest of the area.....often that can be found in hot gentrifying neighborhoods.Also while housing may take a larger percentage of your budget here in DC....the other costs of living will only marginally rise over other areas of the country.