> I purchased property from HOA foreclosure auction last year for 40k, not realizing first mortgage cloud (silly, I know).

Am I tracking that your strategy was using a HELOC from your primary residence to fund "cash" purchases on your first two properties?  

I came across a property that is magnificent but I lack the finances to purchase it out right.

The "failure rate" or "Pass-through rate" is where the loan officer is fighting to get an application to make a paycheck and it taking anything they can get but not putting in the work up front to avoid lost time, lost earnest money, and lost clients for realtors!

You have to remember, most agents have absolutely no clue what an investment property is or how it functions....I have had many clients ask me to manage their properties in the past and I have never agreed as that's not in my scope of expertise. 

It also creates evidence of their "incompetence" for others to find if they go looking (think future clients).  

We get all sorts of clients who waited to long to work with a professional and have all sorts of problems.

Just started the research phase and learn everything I can about this process before I make my first purchase. 

Yes, come and check out Ohio my clients from all around the world would agree.

Finding properties to do a pure BRRRR in our area can be tough, so a lot of my clients end up pulling the trigger on STRs.