Is there anyway they can borrow the money from family/friends?

Some lender will not allow dry closing (mostly none escrows – wet states) this because the borrower is paying interest from the closing date (paper work done) although the borrower never took position of the property.

You can't speak to the lender without permission from the borrower.  

I ran into a scenario where I am doing a conventional cash-out refi on a 5th loan and due to this "B2-2-03: Multiple Financed Properties for the Same Borrower (05/27/2014)" section of the guidelines am ineligible.  

I would have to borrow a photo from someone else as I do not have my own rehabbed properties to draw from.

If it's a tenant and not the owner/borrower, they get 90 days notice.

All other cash-out refinance eligibility requirements are met *Cash-Out transactions are available for borrowers who own a total of 5-10 financedresidential properties provided it is within 6 months of purchase and all delayed financingexception requirements are met:Transaction TypeUnitsMaximumLTV/CLTV/HCLTVMinimumFICO ScoreSecond Home or Investment Property  *Cash-Out Fixed 1-Unit 70/70/70 720*Cash-Out ARM 1-Unit 60/60/60 720 Investment Property  *Cash-Out Fixed 2-4 Unit 65/65/65 720*Cash-Out ARM 2-4 Unit 60/60/60 720 Reserve Requirements for 5 -10 properties  If the subject property is a second home: 2 months' PITIA reserves on the subject propertyor if    Subject property is an investment property: 6 months' PITIA reserves on the subjectproperty;   In addition to the above reserve requirements the borrower must also have 6 months'PITIA reserves on every other financed second home and investment propertyI personaly think UOPM ( use other people money ) to make money.

I am hoping to borrow against the value of the land, which is probably $120KThe trick of course, is that I only hold them 4-6 months, so high closing costs on the loan can make borrowing too expensive.

Plus we do our own work so for now the costs are greatly reduced.What I do, assuming less repair costs for now, is maintain a smaller repair fund, and sort of borrow that money for expansion.

I am not sure why you would borrow but leave equity in the house.