Recently myself and my fellow BPers have been using no money down lines of credit to finance buy and hold as well as fix and flip properties .We have been documenting our experiences in the investor deal Diaries forum under the name project BP .

My problem with lenders is that with my lack of documents the only route that seems feasable is hard money or stated.

The assignment is usually a one-page document that is fairly self-explanatory.

Require that your maintenance staff document everything in good detail.

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Here's a great article from the Memphis Daily News about all the great activity in Memphis's Midtown Multifamily Market.  

Our timeline is to have the documentation finished in March and the first properties available in April.

What documents do I need to do a cash purchase?

Obviously, these loans are never going to have the same rate and terms as a fully documented conventional loan.  3-4 points on a small loan really isn't a big fee when you look at the dollars in my opinion but I know it causes a big knee jerk from many investors before they run the math to see 3-4 points isn't a lot of dollars, especially on loans in the $50k-$75k range.   

Account ClosedA cash-out refinance within 6 months of a purchase transaction when no financing was obtained for the purchase transaction are allowed under the following parameter;  The new loan amount is not more than the actual documented amount of the borrower’s initial investment in purchasing the property, plus the financing of closing costs, prepaid fees, and points (subject to the maximum LTV).After the 6 month mark there is no restriction to purchase price and closing costs.