I am a broker and find my deals on the MLS where competition is pretty fierce and will probably have to purchase at a premium if offering financing on an REO with a conventional as opposed to cash if I refi out. 

You might try Premium Title Company.  

SFR's in frisco are also selling at a premium but there are deals you just have to be willing to spend the dollars and time to find them.

That is a terrible deal for you, but I'm sure it's great for your agent.PM me and I can send you a local guy who has programs specific for rental properties, that will likely cut your premium by a third or more - depends on square footage of the properties.

I initially set out to do a 3.5% FHA house hack and found that at least in the area I looked at (SouthBay):(1) it was harder to get FHA offers accepted with all the competition from conventional and cash offers. (2) The upfront PMI of 1.75% essentially gets me to a 5.25% downpayment (although you could opt to loop this into the mortgage). (3) Depending on your income, the Mortgage Insurance Premium may not be tax deductible. (4) The 75% to 85% occupancy rates that they use to qualify properties led me to areas that I really would not want to live in (by the way, I was told this formula is only used for 3-4 unit properties; duplexes don't need to pass this rule) I modeled out my options (I'm a financial analyst by day), and ended up doing 20% conventional financing on a duplex in a great area, and am working on getting a HELOC that'll get me to a 90% combined LTV. 

The con's are a rate premium over standard conventional (about .375% to .50% higher) and the first time buyer requirement of no primary residence ownership/tax interest write within the last 3 years, and income thresholds. 

An idea that I might try.Write a simple skinny contract of sale one for each propertyMake the contract subject to and contingent on third party assignment.Subject to lien and judgment report (you need to know what is in the chain of title)Get good comps, you need to know the estimate market valueNeed to determine the estimate potential equity Once you get a list of liens, attempt to negotiate a discount; write an option to purchase the liens at the negotiated discount.Negotiate with a local auction company to sell them at public auction; auction them all in one day.The auction should be a "reserve" sale, the reserve is UNDISCLOSED TO THE PUBLICThe terms of the auction; as is, all cash and subject to the approval of lien and judgment holders and record ownerUse banking days in your contract (gives you more time to close)Make certain you use an auctioneer who sells real estate regularly and has a god reputationQuestions to the auctions company; how often to you sell real estate, where would you advertise the sale (news papers, internet, radio, etc. for how long will you advertise, can you give me an advertising proposal, how much advertising cost will you charge me, how do you get paid 1. flat fee, a buyer's premium, seller commission, do you cooperate with agents, how soon can you have the auction, what size signs will you install (sign on the property should be large, maybe a banner on the buildings), how many directional signs will you install, what deposits would you recommend (too high of a deposit will discourage bidding), will you mail post cards to selected areas, will you hand deliver brochures to businesses in the area, will they be black and white or color, will you give me a list of all inquires receivedYour should preview the auction company's disclosures and contractsAuctioneer should disclose and announce at the sale that the sale is an assignment sale.Auction sales should be conducted in front of the house, inspection should be one hour befor the live All high bids should be taken (even if the price is way lower than expected, this gives you and opportunity to negotiate with all  in the chain of title

The easiest way would be just to borrow money at a premium rate, say I'll borrow money for xx% after I sell it, in 6 months or less.

Experience teaches you things.Unless you are buying in a premium area and tenants where the cost per unit is likely over 100,000 a door for a fairly new product you will have issues.24 units you do not have the proper scale to be passive especially with what most investors are buying which is C class areas and tenants at a lower cost per door.

Without further ado, here are the approximate numbers:$94,000 purchase price after auction premium$5,800 rehab on other expenses (i.e. interest on my dad's HELOC used for some of the cash)$127,000 appraisal, lender used $125,000 for loan$90,000 cash back after Delayed Financing Refi and closing costs$93,000 is the loan amount at 75% LTV$1,075 is the monthly rentIn summary, I was able to use just shy of $9k to generate about $400 in monthly cashflow after expenses.