If you have a 12 unit that is generating positive cash flow, and your bank is telling you they prefer to gamble on a flip... that's silly.

Once you calculate the actual value of the home based on the comps, you take 70% of that (or whatever your local end buyer's prefer) and subtract out the repair costs.

I don't know squat about NY RE, but it sounds like these sellers are trying to exclude folks using HML, and look for only a) All cash buyers or b) HELOC buyers.If you want to play in this arena, and that is what is going down, I'd suggest opening a HELOC on some other property you own with the highest maximum credit line that your equity position will allow but a $0 current balance.Offer accepted, max out the HELOC, funds arrive next day, show proof to seller.Then you would use the HML to pay off the HELOC a few weeks later, if you'd prefer that the debt be secured by the subject property.

A piece of advice... find a niche, preferably not the first time home buyer representative. 

Note investors often prefer to end up with cash flow on notes and avoid the problems of dealing with toilets and tenants that landlords have.

I personally prefer buy and holds but If I could do a flip and know I would make a decent amount of money you could always do a flip first then use that money for a rental.  

Why do you prefer a PM rather than managing it yourself? 

Rob, What you should invest in is a personal preference.

First, I prefer non-judicial foreclosure states because it's generally much faster to get your house back if you need to foreclose.

preferably south city, but I'm open to other areas as well.