A cash out refi should take 2-3 weeks with most lenders, and you should have only an appraisal a credit report fee as upfront costs. 

-Max LTARV is typically 75% -Is a 12-24 Month Interest-only loan with a balloon payment - Minimum credit score is typically 600 -Interest on the Rehab is usually paid per the total drawn amount. 

Personally, I follow this standard for every application I receive:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)This process has helped me place quality tenants over the years.

The banks/credit unions said I needed 6 to 12 months of ownership to get refied. 

This person had never used credit.

We normally do not seek judgement due to the expense that is involved, even after you win you have to continue to renew the judgement every year.We put them in collections and have it hit all three credit bureaus.

When you think about it, only the flipper will know the expenses (not generally public record) so analysts or data aggregators can only go off publically available data.

Instead, it works like a credit and goes toward some of your upfront costs.

When I checked it out the fund he spoke of was making unsecured working capital loans to businesses with no credit.  

I don't have the capital to replace the HVAC at this time or the credit to finance it.