Most cashout- ReFi options I've looked into will give 70% Loan to Value on a multifamily dwelling so that $25-28K range sounds about right.If that new loan still cashflows and the $28K gets you into a new deal to start the BRRRR snowball, it's probably worth it.

I can make the obvious assumption that many of them have seen the guru ads who make it sound like shooting fish in a barrel and believe it will be an easy way to become an investor without money.As illustrated many times before from a wide range of experienced investors the path to a successful wholesale business requires a good amount of capital to spend on marketing which most newbies do not account for. 

Purchase price: $2,000,000 mid range apartment complex.

The ARV should be in the 170k Range.Rent in the 1200 range Working backward 170*.7 = 119,000170*.75 = 127,500I have 76k in the property and need a reno of 43-51k.  

More information is required to give a sufficient answer.

Could someone help explain the self sufficiency rule with FHA loans?

I don't have a specific property that I'm looking at, just a general price range in my head.

We are talking <$15-20 range or cheaper. 

These are to be taken with a grain of salt as they have not closed yet - but it can give you a fairly good idea if you are in the right range. 

My idea is buy something that can be fixed up a little bit to add some value, but nothing crazy.All the houses in my price range are only about $350-450/month for the mortgage.