I'm sure there's some anonimity on assets and he owns more than I know about, but he's never raised a concern with someone knowing about his projects. 

@Conrado BalicustoMy thoughts for you…Long term holds are much less labor intensive than short term rentals.Cheaper C class rentals will let your investment funds to go further than buying A class properties.  

Some are at 2.0 pts. but rarely higher than that.

When it only covers the down payment you'll have to keep in mind that your numbers will be tighter than other investors that are making a full down payment. 

I have a young couple with a retriever puppy bombarding me with inquiries.

Provided your Sub2 purchase closing is done complete with all the necessary paperwork (e.g. limited power-of-attorney between the sellers and you), refinancing should be no different than a normal refinance.Sub2 can be heaven or hell, depending on the quality of your closing paperwork.

I'm contacting a couple local commercial guys now to see what they think.

My understanding is that if you’re not licensed, you can’t originate more than 3 seller-finances/year, and you have to make sure buyer can repay, fully amortizing, and restrictions on ARM.

So your pricing will be higher for a 80% LTV loan than for a 60% LTV loan.3.

It would seem unfair for a landlord to be able to offer one thing in writing when the law would override the contract and give that landlord MORE than the lease THEY wrote provides for.