Regarding your question about refinancing and cashing out the equity in the home, the Fannie Mae guideline states:“The property must have been purchased (or acquired) by the borrower at least six months prior to the disbursement date of the new mortgage loan except for the following...”The exemptions to this rule being if the property was purchased with all cash and qualified under the delayed financing rule, or if the borrower acquired the property through some form of inheritance (Divorce, etc).

Did you know....As of Jan 1st - the Gov't has forced on ALL lenders/banks in Canada - when approving a Borrower, they must pass a stress test at a Higher Int Rate (2% higher than approved) before getting the $$.

Another option you could explore would be reaching out to the successful teams/agents in your area and see if they might be in need of an office assistant or inside sales agent with the ability to move in to being an agent.

I ask my borrowers how they intend to pay off the loan.

I'm guessing that all of the tenants are pledging their tic interest to borrow against equity. 

The reason I ask is if you are to borrow from family and friends I thought the norm is about 8-10% in interest but if I can get a loan from a primate money broker for 6-7% with no limits on loans, why should I strive to get money from friends and family and potential have more people to answer to?

I want to make the offer contingent on equity with the seller assisting with closing.

Some folks like Robby Woods from NoteMBA seem to like to travel to meet borrowers, but personally I'd rather have my vendors do the borrower contact so I can focus on building the portfolio. 

If you need any help or assistance please don't hesitate to reach out!

by helping her best you can win too.generally always borrow long and lend short.