For example, a home equity line of credit (HELOC) might offer a more flexible solution to fund the repair without the commitment of a second mortgage.

Does anyone know a few markets where the cash flow is decent but the purchase price is low?

The 60%  will give you the best possible financing terms and assuming good credit still give you enough cash flow to cover routine maintenance/vacancies with a payment around 1100~ a month. 

It typically falls into 6 months of gross management fees on the low end and a year and a half of gross management fees. 

I did a credit check, criminal background check, got pay stubs, required income 3x rent, and got employer confirmation and prior landlord reference (but I never got in touch with the prior landlord successfully)

I don't have her credit score, eviction history (just WOM form her landlords - all good things to say about her), or criminal history that you would normally get from a background check.

In 2012 I refied a few 30s I got from 2003-7 in the high 6s to 15s in the low 3s.

While some use floating rate debt, for say, corporate unsecured lines of credit or capital commitment facilities, they also tend to use Swaps versus interest rate caps, and often times will build interest rate collars on their floating rate debt.  

There are many ways to make money in real estate, but few are as relatively easy and low budget as small multi-family properties.

We got it for a really good price of $360,000 on a super low interest rate (3%) back in '21.