We're also starting to scour other forums for possible investments outside the traditional MLS sites, and other areas like upstate NY. 

I ran my own custom proforma for a bank loan using the asking price that would generate a cap rate over 10% and CoC just under 20%.

@Patrick Roberts @Chris Seveney - End all be all these divisions of banks and NMLS know more about me that I I know about me, lol.  

Quote from @Griffin Malcolm: Open an LLC and apply for a small business line of credit from Key Bank.

When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.

You would want to look for an owner that has a loan through a bank or credit union or one that has no mortgage. 

If its a solid investment:You can bank on the market and the status of the major economy.

The liquidity or funds for the purchase can be in your new entity or your personal bank acct.

As Jay mentioned they must be NMLS licensed if owner occupant of in several states even commercial needs licensing.The NMLS is like the database, each state has a division of banking that oversees lending requirements then you also on the federal level have CFPB as well as consumer protection laws.I want to add that I believe yesterday the CFPB is undergoing changes, but if it goes away that does not mean that many of the laws in place especially consumer protection laws would go away. 

You will need the cash to build it and I doubt banks will be favorable with lending terms.