Quick question: I have a few friends who are willing to lend me money to do a flip.

Syndications or notes.

This causes issues when trying to use a VA loan, as some sellers don't like government backed lending.

I have a few questions:1) Is a $175 a decent cash flow amount at this price point The cap rate on this property I found ($75k) turned out to be about 5.5%, again, not sure if that's a good amount.2) Lender I found that would lend me such a low mortgage amount is a credit union, and is quoting me closing costs around $4500 of which is a $795(!!)

This is a tool that is used to quickly analyze profitable deals just like the one you have described.Keep in mind; A large majority of lenders are hesitant, or will not, lend money on land, let alone construction costs associated with a "tiny" home.If you were considering using a VA loan (based on your profile picture) forget it. 

Since we couldn’t find a bank to lend in our situation, he’s helping us.

I'm usually weary of doing loans w/ larger banks but always looking for new lending partners.I do a lot w/ Synovus in Columbia now and they're underwriting is pretty easy to deal with it.

@Ahmad Nassar I use Mortgage Man Lending LLC out of Louisville, KY for all of my HML needs in Cincinnati.

Its not enjoyable to do remote rehabs and distressed property in midwest and midsouth markets are sometimes in rough neighborhoods which is best left to the local players only.You can learn about syndications which do involve value play when asset is sold within their time horizons

Real estate attorneys, closing attorneys, fair housing attorneys, and securities/syndication attorneys are all different.