Initially our offer was lower than some of our competitors.

I did use the same lender which hired the same appraiser for my initial purchase so that could have been the issue. 

My role would be anything behind the scenes dealing with LLC paperwork, accounting, initial funding, etc (will not be involved with showings, or anything dealing with a listing or sellers or buyers)The friend with the license and owner will deal with all real estate requirements of the business. 

Initial down + closing --> $59K.

Initial down + closing --> $59K. 

Initially I wanted to rent it but decided to stay a little as the prices are pretty high.

You will only be able to refinance out 80% of the value and if your property value stays the same you won't have any equity to take out with only 3.5% down on the initial purchase.

I would figure out what your initial output will be between downpayment and closing costs, divide your annual cash flow by that initial cash outlay and see what your return will be.

Did you feel you had all the questions covered, and numbers analyzed before making the first, initial purchase? 

You will need a decent amount of cash for closing costs, especially if you buy from a wholesaler who double closes (their initial closing costs and your closing costs both become your responsibility.)2.