I am also looking for an MLS-only broker in SoCal but no success so far.

I was going to do that in an attempt to get creative with my financing options so that there are no liens on it and I could borrow against it as an option.

Those that preach no/low down payments are mostly just trying to appeal to the masses who want everything for nothing that will buy their courses.

Chances are you have someone with honor transparency and integrity on your hands and that is very rare.If the answer is no... well, if he lied to the homeowner, why would you think he would not lie to you?

3. what type of deposit / reserves can you provide in case the monthly rents you receive do not cover the rent you pay me?

No other way to do it. 

If there’s no exit clause I’d take this opportunity to add one.

I will ask him to carry the loan for 5 years, no interest🤔, with $40k down and a balloon payment The 6th year.

Fix and Flips require Money(and or atleast reputation).If you are in a bad financial situation, fix and flips may not be possible for you(especially if you have no experience).

DSCR loans are only for rent ready properties (no "subject to" or min less than $2,000 in deferred maintenance).