Once you're comfortable enough and find good enough deals try your best to partner up with someone to get it done.

I don't see a ton of multi-families, but it looks like there's a 6-unit in Huntington WV for $100,000.You can tell the lender that you are looking for multi-family properties for $100,000 and up with a 12% cap rate and a minimum 20% cash-on-cash return (or whatever you determine your criteria to be) - and if the deal is good enough your investors would potentially be willing to spend up to $(fill in the blank).

I totally agree that people should have reserves but how much reserves is good enough. what rules do you use to cover for this type of once in a lifetime event?

Assuming you don’t have electric heat you may need to run new gas lines and add a second furnace.Conclusion: I would only consider doing this if I was doing a significant enough rehab that I would be tearing out walls anyway and if the deal was good enough to cover the cost.

There are some folks doing well by using no points fannie financing for their flips, that have learned to qualify the property as juuuust barely good enough for fannie financing (but still messed up enough that it scares away retail owner occupant buyers).

"I don't know" isn't a good enough answer. 

From what I’m reading and listening, sounds like it would be worth my while doing some form of rehab to increase value, maybe that would be good enough to offset the PMIs

So its important to make sure your first deal is a decent one that has equity after rehab and the your credit is good enough to qualify into long term financing.

On our mid west east coast fundings for flippers for mainly investor purchases IE these are rental houses.. so our clients either sell to the cash flow investor or they are BRRR  even with rates going up to 7 to 8% on BRRR  my clients are in these good enough and rents have risen enough ( even section 8) that these still cash flow with very little or no money out of their pocket. 

All of that being said, the ROI has been good enough that we continue to pay for those leads, but you defintely have to wade through a lot of people with zero experience, zero resources and no intent to buy.