Closed in part of the attic space created an additional 900sq ft living space, also finished the home it was only partially finished.

The one I used was the University of Michigan Credit Union.The loan to value is lower on investment property but if you have a strong equity position it makes sense.Then, the blended rate between your HELOC and primary loan is still better than the rate on a cash out refinance.Plus, the HELOC is flexible and can be used over and over if you pay it down and you have no payments until you use it.Dry powder waiting for the right opportunity.To Your Success!

Larger investors generally invest in quality assets with lower cash flow that appreciate over time if they're doing a buy & hold approach. 

Now the buyer's agent will be even more aggressive with trying to force his "client" to get under contract & close the deal.

What I remember so distinctly about acquiring the first rental is how there were a lot of documents and signatures, but no actual money at the closing.

The ratio is not even close!

In this instance, the sponsor and all the various fund of funds will be collectively making $1.65mm the day this deal closes.  

@Chris Seveney, I can't speak for the intent of having the structure listed, but given this is a closed offering, my layman's understanding, it is fine.  

Just don't try to make it a good deal by assuming appreciation or lower rates will happen. 

Due to market condition, I accepted an offer which is $20K below asking and additional $20k credits towards closing.