Is the borrower repairing the property?  

Is it as simple as as the borrower (obviously) you'd negotiate for interest later and as the note/mortgage holder the converse, interest first?

Regarding cash out, right now the highest I'm seeing is 70% LTV once the borrower has been on title for at least 6 months. 

Most of the time is spent waiting on the appraisal, the appraisal review and the borrower to get their conditions in correctly.  

You have transfer fees, legal fees, forced placed insurance, servicing fees etc to deal with and who is to say the property sells for more than $40k at auction.What if the borrower the day before the sale file bankruptcy ?

So If I used all of the 50k on a flip, that's like a 9% loan. (4500 is 9% of 50k borrowed) Once paid back in full the 50k becomes available again and then -theoretically- if fully utilized again that initial 9% loan cost becomes 4.5%. ($4500 is 4.5% of a total of 100k borrowed)If fully used again becomes 2.25% and so on and the value increases as it's used -in perpetuity.   

And if I can't find anything like that, the beauty of a HELOC is I don't have to borrow the money (or pay to borrow it) until I want to use it.

Turns out I could borrow money just fine as long as I didn't go through my regular bank.  

Most of time you need mortgage banker like myself to access life companies though some will take direct from a borrower. 

On the residential side, some borrowers will put it in their name at the purchase and then afterwards Quit Claim Deed to the LLC.