Sounds like you do have enough to bring to the table for a down payment, most all HML require some "skin in the game", typically around 20% or so.

It also means making sure your borrowers have a great deal using a conservative valuation, as well as adequate skin in the game.

One reason the bank wants a down payment is so that the borrower has 'skin in the game'.

They may try to get arrogant or annoyed that you are making that much, you just need to have a thick skin.

With no skin in the game cash flow maybe hard to start with

And you also might be able to use some of your equity in the refi property, as your skin-in-the-game on the purchase side of the transaction.

For PML/HML - Are there truly lenders that will work with someone who has very little skin in the game initially i.e. 0 money down?

That being said they want to see skin in the game.

Most lenders will want to see more “skin in the game” from their borrowers, plus you’ll need money for rehab and closing costs. 

I think with how the market is currently  this is not a bad route to get skin in the game and I could also use the equity I may build from the property to trade up to properties with more units and a value down the line.