As far as the 203k itself goes, they are a great product, however they can be a nightmare if you don't have all your ducks lined up. 

they require a low 1.0 debt coverage ratio so as long as your rents cover PITIA expenses then your good to go, cash out is required to be used for "business purposes" only their retail division is Cash Call mortgage, FICO can be as low as 600 and cash out LTV's from 65-75% based on credit, I used to work for IMPAC as they were rolling out the product, it is pretty competitive in the market for this type of financing. 

Jason Lee this is located in Weehawken, right near the border line of Hoboken.

In fact, it's standard to "leave meat on the bone" for the next buyer, so they deliberately will not complete every possible improvement to the property, and then the property can be marketed as such to the next buyer, along the lines of "25 units have been upgraded and the rents are $50 higher.

I'm interested in flip and fix and buy/hold down the line.

Bottom Line Up Front (BLUF): if I use a personal friend to loan me money to buy my first property, can I still use the “cash out” REFI technique with a bank in my BRRRR strategy?

We're able to leverage our institutional finance + operating backgrounds to make a better product than the typical deal analyzers out there.

Using skype like that is almost as fast as a single line mojo and much much cheaper.

For your amusement go to Amazon and look up the Advion gel product and read the first review.... rofl

There are lots of great Buffalo people active here so dont hesitate to drop any of us a line with questions.