Re-sells are having a hard time competing bc Hortons Lender is offering much lower interest rates plus $$$ toward upgrades/buydowns/closing costs.Anyways just thought I'd share what is going on in my market!

@Wes Holmes Just to add a bit more meat to the bone of what others have said:It's standard practice for hard money lenders to require a personal guarantee, but once you have significant experience under your belt, lenders are sometimes willing to drop the requirement for a slight decrease in leverage and/or increase in rate.Regarding extra collateral, lenders sometimes ask for this if the deal is too high risk for them as-is, but you have significant equity in other properties that make it wash.

Welcome Brandon - I have properties here in the wyoming valley.I am a native to the area.Scranton has many hoops to jump as an investor - esp. an out of the area investor.One is you'd have to hire a property manager if you do not live in the city of Scranton or within 20 miles of the city.Real estate taxes are high -that plus the current interest rate and ask prices makes cash flow an issue.You can find "deals" but please do your due diligence.Here is an example of a potential deal I am evaluating in the hill section of the city: 20 y/o, 2000 sq ft. 3b/3bath TH - Needs paint, new carpeting, and general wear and tear repairs after a 4 year tenant.

I think one of the tricks is rental rates are fairly low compared to sales prices. 

Using this tax free bucket, you can borrow against it at very low rates to pay off your student loans.  

At current rates it’s hard to buy something that cash flows but you may be able to get something in a well sought after market or area that will possibly have some future upside. 

Most work this way: Rates: 9% to 13% (Most Deals are 11-12%)Terms: up to 36 Months (Most Deals are 6-12 months)Fees: 2-4 points(%) of loan amount paid at closing (Most Deals are 3 points(%))Minimum Loan Amount: $50,000 (For loans less than $250,000 $2,500 minimum fee)Max Loan: 65%-70% of After Repair Value(ARV)100% Rehab Financing Available (Require 20% of purchase price down payment or cross-collateral)Closing Timeframe: 48 Hours - 3 Weeks (Most Deals are 2 Weeks)NO PRIMARY RESIDENCES, NON-OWNER OCCUPIED ONLY, BUSINESS AND COMMERCIAL USE ONLY.

I would say, you may be able to get lower rates than mid 8s as my lenders are high 7s for a similar scenario but you may be tripping over dimes to save nickels. 

Depending on your buy box and location, right now is a hard time to find deals with current interest rates (at least in my area), but if you run the numbers regularly, you'll be ready when the right opportunity comes up. 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.