He is securing expensive debt, not debt through a bank, isn't putting any capital into the deal and structuring the equity investment in a highly risky manner without any upside offered to the investor.

I guess there's just a stigma attached to them as being "less than" SFH or multi-family units, but if the numbers work, the numbers work, right?

I used to be an Agent attached with a full-service broker.

I just had a bank tell me they would take a 40%+ discount on a $400k asset which six months ago they would have wanted a 10-15% discount.

You should check if the bank feeds work with your bank otherwise, it's a deal breaker unless you don't mind manually doing the data entry.

I use Stessa for accounting, I love it, it links right to my bank account/credit card accounts and I can assign purchases to different properties and units of the property for multi-unit properties and at the end of the year I have a simple report to give my tax professional 

Local banks.

Start with a rental that has modest rehab requirements such as updating kitchens and bathrooms and make sure you qualify for permanent financing through a lending source that offers interest rates similar to that of  a bank.

(Give that to sellers, they picket $100k after paying off the loan.) and then pay them 4.5% interest (what they could get from the bank.) now you’re talking $750/yr extra interest, and it’s being paid to family. 

Just curious why you're looking at those two banks for credit cards?