Kay, dependent on the income level the units are in can make a difference of percentage and also the number of units. 

Those individuals will prefer a lower density say 2-3 unit building with a backyard and garage.

- Level of prescreening performed on buyer before they can view the property- Who is best fit to handle the coordination of the showing, contracts, and closing? 

Perhaps try an Asset-based Lender, who may lend up to say 85% of THEIR appraisal, but, I don't know if they'll still lend that same number of dollars IF your purchase price is significantly lower? 

However, I would argue that a healthy level of debt gives you flexibility to grow faster and build more wealth over your lifetime.Leverage is a strategy of using borrowed money to generate large investment returns.

All advices from outside CA is irrelevant, you are in CA, and I would say you can go lower ONLY with an unlicensed contractor.

My level of knowledge with real estate investing is limited to the two home purchases and one sale.

You will find that NC has a much higher tax rate than the SC owner/occ rate, but typically a tad lower than the NOO rate (again this will depend on county).Where the calculation gets even more tricky is the value premium placed on a home by location.If you are looking at Charlotte for example, the national builders who operate in both markets will charge a premium on Ft Mill and Lake Wylie areas over Charlotte addresses for the same floor plan, because they know owner  occ buyers will pay the premium because their monthly payment will be the same for both neighborhoods.If you are in Rock Hill here is a fun Saturday.

However, we much rather a lower interest and no prepayment penalties but sometimes who has time for that! 

Rate is higher than a traditional bank but lower than private money or hard money.