Lets look at this objectively.  

If you know what your objective is and what you are trying to accomplish it will help you build a successful campaign around those ideas. 

I guess they have already lost enough money their objective is to REO the property and try to get back as much as they can, not spend more money.

UnQ.I have no problem avoiding dealing with bankers, to date... that's a big part of WHY I'm getting into REI (as a business model) and should be our primary objective for doing so, if one have any real MORALS.

If your primary objective is cash flow, you would look into markets that have a positive cash flow from the get go and if the mortgage rate equals or is lower than the cap rate, cash flow will often be negative.

Some lenders may object to you borrowing money from someone else to do this.

If you're objective is to use a hard money loan to rehab a property and then rent it out you could.

Happy to sit down with you and give an objective rundown on your situation.

I hope the above information helps you, in making informed decisions regarding your REI Goals and Objectives. 

My objective is to grow a real estate portfolio to generate a monthly income or at least break even as the asset gets paid off or till I move into a unit should that time come.I live abroad and am able to access a personal loan of upto 130,000us dollars which I would need to pay back in 4 years.