Grant, as long as regulation allows it, it's definitely a viable option.

Luckily for your friend the buyer is only allowed to pay for one, so the flipper has to cover the second.

He told me that a local community bank (wasn't willing to reveal which bank it was) in Atlanta metro area allowed him to use his free and clear single family properties as collateral for multi-family financing.

My full time job is what allows me to afford investing, but my end game is buy and hold multi families to provide myself passive income "get out of the rat race."

Don't be too quick to just allow anyone into your beautiful rehabbed property.

Then you compounded it by allowing yourself to be extorted in a "free cash for my keys" scheme.

But the high prices/taxes and my conservative estimates for the gamut of expenses and income don't allow anything to get close...

This allows you to withdraw funds only when they are needed (after you have found the property or are under contract) and save on some interest.

Instead get  a longer listing commitment and then if the seller wants expensive advertising you might offer in allowed in your state ( and with your brokerages approval) to rebate their advertising expenses at closing they pay for with legitimate receipts off the commission.This way if a seller pulls off the market,goes with another brokerage mid listing, or tries to cancel early etc. the seller will be out the money and have skin in the game.

My first deal is owner occupied to is allowed me to put much less down up front.