The agent's compensation is negotiable and 6% may be more common if that includes the buyer's and seller's agent, but if the 6% only covers the selling agent, then that's a greed reach especially considering it's a 2m+ sale price.

You can leverage your HELOC and cash to cover the down payment, the initial rehab draws, and holding costs. 

The borrower defaulted once the interest reserve ran out; Peer Street then turned around and lend the defaulting borrower AN ADDITIONAL $500k to cover 9 months interest!.  

After deducting your payoff, you've only got a little left over which would go toward covering refi costs (and you'd likely come up a bit short).

If they are taking out a few breakers and a fire happens insurance will typically not cover anything.

I am also of the belief that if a property cannot produce $1500-2000+ in rent per month, you're just going to have a hard time covering capex.

If it wasn't, then you should consider covering the cost until you can correct it in your next lease.

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I got my first one with a 5% down while the tenants were covering almost all of my mortgage.

@Brandon Eike, on an investment property, most lenders will max out their loan at 75% LTV, which doesn't cover transaction costs, which are usually 5%-8% of the purchase price.