Also, seems this began with the assumption that a lender would loan 80% with the seller taking 20%, won't happen, there is no skin in the game. :)

Kind of an interesting Banter going on here about HML vs Cash Vs ConventionalWhile I too have never used HML here are the things I think about with themFor easy math lest use $200K as the loan amountThe assumed qualifiers for the person who are looking to borrow are Solid credit, willing to allow 1st position to the HMlender, Able to have their own skin in the game vis a vie capitol for renovations etc… Targeted a real deal.My questions would be for Don Kanipol HML guy what is the cost of this 200K capitol for 120 days?

You also meet a private lender who will lend in two separate ways: Long term (10-15 years) mortgage on investment property at 10% with minimal down payment (this is negotiable, but it’s just so the borrower has SOME skin in the game), or short term (minimum of one year interest guaranteed) at 12% (acepting interest-only payments). 4.

Happy Thanksgiving and go Skins!!

If the property is clearly an investment style property (neighborhood, price point, condition) then the agent needs to develop thicker skin because low-ball offers are coming.

Purchase Price $415,000 (Acquisition + Skin in the game )ARV $550,000Rehab $50,000Max Loan $385,000 ( .70 x ARV )Acquisition $335,000 ( Max Loan - Rehab )Skin in the game $80,000Purchase closings costs $5000Purchase Points $15,400 ( 4 points x max loan $385,000 )Money Needed upfront $104,000Holding Costs for 180 daysGas + Taxes + Interest ($28,479) + Water + Electricity + Insurance ~ $34,671ARV or Sale Price $550,000Less Realtor Commission @ 2% $11,000 ( I will be listing it on my own )Less Hard Money Loan $335,000Less Holding Costs $34,671Less Closing Cost  $7000Net Proceeds $162,328.00Did I do these calculations correctly?

I know hard money wants skin in the game.

No one I deal with or would want to deal with would I deal with if they didn't have some skin in the game.

I guess during the refinance time I was expecting to fork over 20-30% per property. if I saved all my rental income and extra from my full time, I'd be able to do that in 2 years Correct, any sort of fannie/freddie lender is going to require you to have skin in the game for each property. 

Most other flippers that buy more distressed properties pay cash from their personal funds, hELOC from other properties, or via hard money lender, but such a lender will likely want to see some flipping/rehab experience and investor/flipper "skin in the game" in the form of a hefty down payment.