Or if you don't want to use leverage on the front end and you have access to enough liquid capital to purchase & renovate all cash - well you can just use that as you transition through a BRRR or a fix & flip. 

If you are looking for flexibility and liquidity and are non accredited then real estate is not where you should be looking.

You’ll most likely need some liquid reserves (in addition to the downpayment) to qualify for the loan as well

Example- if you pull 100K out of the rehab house, and now your mortgage is 200K instead of 100K, having liquidity is nice, but it comes at a penalty.

Both are forms of cash...one is liquid, and the other is frozen (dead). 

With interest rates much higher than they were just a few months ago we could see some liquidation coming up.

Is it liquid? 

I know if I look at my IRA, 401k, and the brokerage accounts they are all down but I don’t have “less money” unless I choose to liquidate those positions and that wouldn’t be smart!

It's very important to preserve liquidity when possible starting out, as that will allow you to solve any problems that could come up (property or tenant issues) and for planning your next moves.

Then, the private lender will accept his liquidity.