Although you really capitalized on acquiring off the market, you really made the value go a long way.

Does anyone have any experience in actually succeeding in acquiring a loan, or being the lender to this type of loan?

My current strategy is similar to many, targeting long term rentals for single family houses and 2-4 plexes, acquiring with the BRRR method when possible.

It's such a rock solid neighborhood -  16 min Metra/30min Blue line to downtown, 94 and 90 access, bus terminal, and a disproportional amount of city workers with good incomes and families.    

BP pro members get access to lease templates for several states, but my realtor actually gave me her lease that she uses with her tenants, and since were both house hacking it appears relevant to what I'm doing. 

You could also choose to JV with a developer using all or part of its value to become a part owner in the entity that acquires the land.

I don't have access to his book but I find it hard to believe he bases his model on a 50% cash-on-cash return.

Maybe partner with someone in a market that is good so you instantly have an advantage when trying to acquire a deal.  

I am in the process of acquiring my general contractor license and look forward to doing another build and hold.

My questions is, as a first time home buyer, what would be the best way to acquire this property?