I personally know of top 1% Airbnb homeowners that are flushed.

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CA has more than half of the nations homeless/unsheltered persons. 

I have a salt water hot tub at my personal home.

I financed this property using down payment funds from 403B and a local commercial bank. 15% down from personal funds. 85% down from community commercial bank. 3yr balloon, 20yr amortization, 7% interest rate.

The drawback is you need to build trust and relationships upfront.Both have their place, but private money tends to offer more flexibility, while hard money is more structured and accessible if you lack personal connections.

However, you can get loans that are based on the performance of the rental and not your personal income and debt.

Do you own these properties in your personal name or through an LLC?

Not talking about you personally.

So, things change a bit.If it is his personal home, there are more restrictions.For an investment property, if you take over his financing, read through the deed of trust (mortgage) and see how they handle transfer of ownership.