My experience has been that this is absolutely correct.  

I hope I understood your scenario correctly.

You are correct about that, but that's usually a computation and decision that an investor makes after a couple single-family homes or small multis.

Correct!

I believe that the ARV I originally thought was correct of 160-165k which after a cash out refi will get me my money back and then be about break even.

Thanks Tim - yup you are correct.

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With the stock market literally about to do a huge correction pre election I think there will be quite a bit of money to be made on shorts.

So yes, correct, the borrower is the USER not the owner, the bank/lender is the "owner" right.

@Nik Farooqui You are correct in that GC licensing is never a requirement but it is more of a "silent factor" that can make a lender more comfortable lending hard money and thus the approval and loan process easier.