He’s getting 10% interest and gross income/mortgage payment ratio is very high + he’s getting cash flow sweeps every year so that the total loan amount is repaid in 3-4 years.

I have my father's 30 year old contracting company at my disposal, I work directly with an in house mortgage lender at my office as well as a property management company (which I would primarily use on a consulting only basis to begin with) and I have 2-3 options for creatively financing my first few deals. 

I think you should go to a conventional large bank and get a mortgage for this property.

For example, my mentor is an REI and mortgage lender in my area so I do my closings, refi's, etc through him.

After mortgage service, with 25% down, yearly profit is 16,300.  

@Jaysen Medhurst, my FHA didn't consider ANY of the rental income to qualify me for the mortgage.

I would try to find sellers who are open to owner financing or pre foreclosures with some equity where you could take over their payments subject to the existing mortgage. 

Look into making private mortgage lending. 

Example:  Purchase price = $250,00020% Down = $50,000Rehab = $50,000Cash required = $100,000 plus closing costs Mortgage =$200,000 (4.5% APR / 30 years)P & I = $1,013Rental Income = $2,500Expenses (50% rule) = $1,250NOI = $2,500 - $1,250 = $1,250Cash Flow = $1,250 - $1,013 = $237 per monthDo not forget the HELOC paymentIf you do the BRRRR strategy the difference will be in your mortgage payment.  

I'm really confused on our your mortgage is only going to be $380 a month?