@Brian Garrett it does sound like a good alternative to an HML the only thing I would be curious about is if you have $100k cash  I would assume the project would need to be 100% financed because if you spent any of your own money your limit would go down $5 for every $1 you spend. 

Also easy on documentation (much easier than DTI & other income-based loans), the interest rates are better than the above short-term loans, but not as good as conventional loans (that require DTI and income etc).Most cash-outs aren't greater than 80% of the value of the property.Estimates:HML Loan - 8-14% interest only, short term loans, limited documentation.Rental Loan - 5-9% amortized, 30 year (some options for 15yr), a bit more documentation.Local Credit Unions and banks - 4-8% amortized, 30 year (some options for 15yr), documentation varies but typically requires some debt-to-income.Conventional Loans - 4-6.5% amortized, 30 year with options for 15, documentation heavy.

in my limited experience over the years these are full on hoarders and if the person lets this go this house will be loaded with crap within a year and basically destroyed on the inside.. 

Also, you have to find a way to tie into the existing roof in a way that your snow loads do not exceed limits in the way it was built.

Oh, one more thing-- in our area because of the limited number of homes to use-- I don't see them giving much difference for a 3 or 4 bedroom. 

With your lease, make sure you have an early termination clause, pest control, pet fees,  and the # and limitations, also I would recommend requiring renters insurance.     

Honest question, my impression is that condo investors do it to limit the time and complexity of managing the property. 

I believe the limit is $10k, and anything over that requires you fill out the form. if the money was earned legally, should be no issue.if you don't want to get the irs involved, I have heard that people have deposited $9999, and then the bank wont ask you to fill out the form. if you did this over the course of two weeks every other day, technically they may not be required to make you fill out the form.

Loan limits?

Reporting is the key to making sure you don't end up in a situation where you suffer substantial losses.