@Dino Diaz We can fund 100% of the purchase and do so on occasion with repeat borrowers. 

SB 1995 would also require the disclosure to be provided in a language other than English if the wrap loan was primarily negotiated in another language.SB 830 (Rodriguez) requiring all seller-financed lenders give borrowers annual statements that include how much money was paid and is still owed on a loan.

With a purchase only the lender should only require a BPO which cost about $300 less and you can upgrade the home as you see fit since you are then only borrowing on the current market value.

And that's if your comps and rehab estimate are accurate {not likely, as you yourself said you have zero experience}.Your credit is not an issue; hard money lenders only care about the deal, not the borrower.

I also have a non-occupant co-borrower that helped me secure the loan.

-You must reinvest 100% of equity or pay tax on difference which is called Boot Type#1-If you borrow equal or higher amount of loan than you paid back, no boot or tax If you borrow less than you paid back, you owe tax on the difference of loan amount which the form of Boot #2Dinesh

The borrower cannot refinance because her loan to value cannot exceed 85% on an FHA loan cash out and its having her bring in 4k.

Neither of these things are bad if your borrowing power is strong.  

Now, if your cap rate if greater than your loan constant then you are making money buy borrowing.

When I started out, I leveraged my credit instead (because the rate to borrow was so low) BUT the reason for this was in case something went wrong, I could handle the payments for a bit if need be.