However, rate would be prime + index + an additional +2% for the shock factor just to qualify, but you can draw the funds whenever you want and just pay the balance + interest vs cash out where you have to draw all the money after closing. 

I built a pool cabin with a great view in the Smokies and closed on it in January of this year.

EMD is money he is at risk of losing if he can't close the deal.

Estimates of how much pmi, closing costs, etc. 

I look forward to closing on my first property in Milwaukee.  

Looking to make an Intra-Family loan for a project and I am looking for a simple Interest Only Promissory note where the investment plus the interest is paid at closing. 

Account Closed, follows through. 

We can only watch and see.

If you are unwilling to house hack then I would recommend finding a strong STR market as close as possible to you.

That way you can use that 2% to do a rate buy down to ensure a better cash flow.If you are buying it as a Primary owner occupancy I would ask for 3-4% seller credit to cover rate buy down and a portion of closing costs.