It is unlikely that there will be significant costs where groundwater is fairly deep and the tank stored no. 6 fuel oil.

Leverage 75% LTV, buy $2M in multi-family class B/C needing lipstick to max the rents, stabilize for one year of clean operating expenses, cash-out refi, wash, rinse, repeat.

Especially considering managing the listings, bookings, supplies, cleaning, etc. 

If I had deep pockets the sheriff sale would also be a good place for the next few years. 

He had a clean credit and background check, although he didn't actually have much credit, but his score was 700+.

I consider this banker one of the first members of my core 4 and he's been mentoring me as I jump into the deep end, but even then do you think I should shop some more for a bank that offers a heloc?

How will you handle turnover inspections and cleaning?

ok... not sure if that's exactly what he said, but it was somewhere along those lines, and it really gave me fuel and deep motivation to push through this time, and work towards an end goal for my investing strategies!!  

Watch out for red flags.rates to good to be true.. rate for this if its not a bank you have deep relationships with will be north of 10% plus points.too quick to approve you just send us 10k for due diligence .. 

Without doing a deep dive into the deductibility of the expenses you mentioned, I would say that the expenses which are not easily allocated to a specific property (I call them "peanut butter expenses" because they are spread around) should be run through the holding LLC.