Or is he requiring a down payment?  

However, this means you’ll need to comply with the annual filing, franchise tax, and reporting requirements in both states.

For example, a $200,000 property might require $2,000–$4,000 per year.

The key to this is finding a HML that doesn't require access to the property for an appraisal.

A cash-out refinance or home equity line of credit (HELOC) can be powerful tools to keep your momentum going.Focus on Stability:Look for investments in areas with strong job markets, population growth, and consistent rental demand.

A&D has a 2nd position DSCR but not revolving - installment only.AO has a HELOC but self-employment documented for 2 years is required. 

Most individuals can originate the debt these projects require as well so its not as if your signature is opening the doors to properties these partners couldn't purchase on their own either.  

For example, places like Illinois and Oklahoma have specific rules requiring a real estate license for certain types of marketing.This specifically for flipping land using Transactional Funding.If you’ve done this before, what states have you found to be friendly toward this approach?

It insures all types of risks but does do a nice job with rentals in many markets

That said, delivering this level of quality requires a significant investment of time and attention on every engagement, which is why I simply can’t charge low rates.