A licenced plumber or electrician wouldnt risk their licence or reputation by putting their name on someone elses work .   

@Todd Willhoite  Desktop Underwriter® (DU®) provides lenders a comprehensive credit risk assessment that determines whether a loan meets Fannie Mae’s eligibility requirements. 

KareemBanks don't decline self employed people because they are viewed as a high risk.

With the highs/lows and risks/rewards that comes with that. 

Current tenants leaving when their lease expires (i.e. not renewing) is always a risk, but one that you may be able to address if you are allowed to talk to the current tenants. 

Thanks Chris I hope so too :) Yeah I initially thought to only use the line but someone tried to convince me there is more risk involved that way.We are long time friends and have meshed well just not in business yet.

Dollar profit might be bigger but the %age profit is smaller and for a larger outlay (higher risk) most people would want a higher reward.

Seems like a ton of risk and huge capital outlay...

You should never even consider starting, based on the risks involved, until you have everything ready.

If you are ok with the risk, ARM loans from Busey bank offers loans with a 5 or 7 year fixed rate somewhere around 3.5%.