The numbers will probably be more in your favor if you look for something that needs some work.

Do yourself a favor and spend $150-$200 for a do it yourself website and put a couple pages of content ASAP if you are committed to the business.

But when I look at a new market I look at statistics like job growth, population growth, favorable(to landlords) political climate. 

If you did , please do me a favor and click on the "VOTE" button.

I've reached out to a couple of mortgage brokers but as someone fresh out of law school I have small cash flow and substantial debt which is not a favorable situation for lenders.

He has likely been paying a hefty percentage of his monthly payment to interest over the past ten years and is only now starting to see the scales tip in favor or the principal vice interest.

Hi,When you are using either method, you would do yourself a big favor by using the actual values, and not what you are thinking is an "intrinsic value."

A HELOC from equity in another property is likely your cheapest option to borrow the funds unless you have some cash value life insurance with favorable terms on borrowing from the cash value in the policy.In the HELOC you will have payments during the rehab but your total borrowing costs will be low relative to other options like hard money.Also you should consider hiring out the most time consuming work. $40K in 4 months may be better than $45K in 8 months.

I would either have to use a HELOC, or some sort of favorable conventional loan and maybe find a way to get out of PMI.

You might also find an investor willing to make this kind of guarantee as well, if they know the market well enough, and owe you a favor (or if you compensate them a bit).