@Akhil Viz be careful in that zip code - some decent pockets of areas but there you can be on a street where everyone is a meth head or the next is some 40-60 yr old blue collar workers taking care of their homes to more crime ridden areas.Definitely is not an area to bank on any appreciation but you can cash flow if bought right and you get in a decent area to attract decent tenants unless you want to be slum lord.

Assuming your are looking at 2-4 unit buildings, non-owner occupant, I would recommend talking to Gulf Coast Bank.  

She owes 375K to the bank.

Some banks will buy the credits from you, reducing your all-in costs.3) If gutting, be sure to decommission any central utilities (boiler, etc) and separately meter the units.

He also told me never to have too much money in the bank for fear of getting sued and them taking your capital.

Do not expect to get bank and credit union favorable rates and terms, it will not happen with Hard Money loans.I wish you the best and if you have any questions or concerns just contact me.  

He got stuck when banks stopped financing, and he lost 44 million dollars worth of real estate.

I've never owned property and have less than 10K in my bank account. 

Most banks will do a cash-out refi for 70-80% of the home's value.

Working on my first rental property (bought from the bank.)