This shouldn't be an issue at all then.

If not this may just be an expensive lesson in your real estate education.

If he only has those two properties then a cash out refi should not be an issue if his credit and DTI are up to par.  

If you are going to be an "obnoxious" (sorry @J Scott lol) wholesaler, like a car dealer looking for a 50 cents on the dollar car, ignore this.Being the Doctor with the Home SellerI deal with expireds and cancelled listings. 

PNC secured card is excellent start, put $250 - $500 on and DONT use the card. in 3 - 6 months apply for cap 1 card.additionally figure out if you belong to any credit union, they will accept a letter of explanation in regards to the BK and give a lot more credit than the big banks / card companies.With the knowledge i have from working at a large bank I have helped a couple family and friends go from a bk to a very high 700 score in two years so if you have any other questions pm me.I am not claiming to be an expert but have gone through this twice with people very close to me and they are both in incredible credit standings now.Regards,rob

Once you make a few good connections, then just ask them if you can shadow them, or ask them out for coffee and ask them questions about what you want to do in the real estate industry, letting them know you would like their guidance. 

Even saying "I'm sorry" might be an admission of guilt.

For the coffee lovers, that we all are, this convenient equipment will give you delicious dose of coffee without going to the cafe.

There doesn't need to be an explanation.

Also, I've seen that FHA PMI cost to be an issue as well on these properties for owner occupying.