Nobody is expecting much from borrowers on these loans. if your finances are run properly, you provide all stips quick and clean, and you know what you're doing, then you're in the best possible position. the lender will order an appraisal. if you buy one, they won't use it

Hello Michael Davila I agree with Harjeet Bhatti ideally you would want around a 70% loan to value for that one house, if it is the only house in your portfolio.If you have multiple the 70% rule I would expand to the entire portfolio.I am currently in the same position of trying to leverage equity in my first home for another deal.Let me know if you need help with anything and happy hunting!

You are essentially paying for their salary to manage all 100 units. 

I'd make sure the absolute amount of positive cash flow on the property makes it worthwhile after refinancing.

If interest rates go down you could be in a position that you would have to pay bank to get out of swap agreement.

They are all positive cash flow.My goal is to have 10 properties with about $15k monthly income, $180k annual.

They are all positive cash flow.

Ultimately, we're seeking to acquire long term buy/hold cash flowing multifamily properties (2-12 units... at least to begin) starting in the Milwaukee/Madison, WI area, but we'd be buying from an out-of-state position, since I'm currently stationed out in Maryland on active duty.  

Typically on a BRRR you buy and renovate and turn it into a value add where you gain equity from the renovation. if the house has been renovated already not sure how much there is to gain besides regular appreciationTrue BRRR example is buy for $100k, put $30k into it, new value $175, refinance it for $130k (get $ back) then rent it for positive cash flow.

Also, many agents position themselves as PMs in order to create additional income, but in many states, PMs are not licensed or regulated, so it's likely that they have no idea how to be a PM, they don't have any processes in place and don't know how to manage tenants, owners, etc.