And I agree that if I were doing this multiple times that it may look suspicious.

I am a relatively seasoned real estate professional with experience as a broker, property manager, investor, syndicator, attorney and urban planner...and I like to think I have at least a sense of the CA market from multiple perspectives.

They never have to deal with entitled high-maintenance tenants who've only ever lived with mom and dad; tracking down late rent from the same person over and over; crossing town for showings only for the person to flake; going through the work of calling all references for multiple co-tenants only for the accepted applicants to back out 30 minutes before your holding deposit meeting--after you've crossed town to meet them and gone to Kinko's to print all the documents; tenants who give you stink eye while you're in their apartment to fix a light switch (only 2 hours after they called to report needing a repair even though you live across town), etc. etc. etc.  

Be mindful of when you get the same property offered by multiple wholesalers.

Hello Michael Davila I agree with Harjeet Bhatti ideally you would want around a 70% loan to value for that one house, if it is the only house in your portfolio.If you have multiple the 70% rule I would expand to the entire portfolio.I am currently in the same position of trying to leverage equity in my first home for another deal.Let me know if you need help with anything and happy hunting!

Looking for some perspective on management fee.

Even though this passage may not help, its great hearing a different perspective to help you think out of the box. 

Yes you will have to pay PMI but you get more bang for your buck with multiple units.Let me know if this helps or if you have any questions.

Google "apartment brokers raleigh nc" and there are multiple that are capable of acting as a buyer's broker.

I have seen cars turned into BBQ grills, tables turned into desks, all kinds of things turned into light stands, and so forth.Just because a word or phrase is used for multiple things doesn't mean they are related in the sense that we are criminals because we take an old tire and turn it into a coffee table vs someone who breaks into the DMV and creates fake IDs.