I would recommend researching "Capital Stack" - this may help you understand the borrower position vs. the lender position when it comes to equity and lien positions in real estate. 

@Stephen Herbert Way to stay positive.

When you "borrow against", the borrower maintains control over the underlying collateral for the loan.

You may also be thinking of using the money that actually belongs to someone else and buy even more properties with the money while you put yourself in a position to be carrying more than one mortgage yourself.

Then finding someone willing to lend 100% of your rehab and holding costs in second position - just not very likely and if they are willing, then you should not take the loan as you are playing with inexperience which is dangerous for both sides.That said, there are ways to fund 100% but it takes creativity, one heck of a good deal spread, and a borrower with, at minimum, some education in the arena along with some skill sets and serious savvy.

Any private lender you find will want first position lien against the asset.

Which makes it hard to have positive cash flow.I do not invest in that area so I am not familiar with the market rental rates.  

Smaller properties are more stable in that people stay longer (traveling professionals is who you should be marketing to), they are less seasonal and maintain rates year-round, and even if they do get trashed or something gets stolen its a lot smaller recovery cost.

If the data looks positive for a market, big or small, your next step is exploring the city and meeting contacts that you may use in that city. 

If I'm not in a position to BRRRR now, would other investors be interested if I wholesale this as long as the numbers work?