A lot of local families (about 3,000) are looking for housing in Curacao (Caribbean island) and banks are happy to provide mortgages right now, but there is no one building any middle class family houses.

Or should I get started with a large bank initially?

@Greg Callan I wouldn't get to caught up on cap rates for 1-4 units, it's just a bad sign for me when you're proforma cap rate is 4.5% and you're borrowing money from the bank at 4.75%.

It was a bank sale and I was in the right place at the right time.

Property Preservation Companies - these are companies which secure preforeclosure/foreclosed properties for banks.

My biggest mistake was failing to account of deferred maintenance in my "down payment".

Quality units in each market will be the high range of that market.I fear if you go below 2.5X, the tenants may not be able to afford the rent and that as soon as something goes amiss that they will fail to be able to make rent. 

@Chanoch Moller, Finding financing independent of banks or different lenders is very difficult to accomplish.

one option is try to wire the money from bank to bank, something like this happened to me but I paid everything to escrow and they paid my collector. most of the collecto information addresses and phone number should be on your credit report.

About a third are paid off and my reserves and bank accounts allow me to loan some money without jeopardizing my business.I am a leading member of my local REIA and have met with someone from the group who has flipped abut 6-7 houses and is interested in working with me on her next flip.