(By "you" above, I mean the lenders you are speaking with.)But, if it appraises high enough, you can borrow back the whole $97k.

I originally bought it with private money for 80 and borrowed another 80 for the remodel for a total of 160 + interest.

I was a recent college grad in "the recession," and I made under $19K some years but now it's a 4 unit cash-flowing asset that I can borrow against to purchase other properties.

As students we don't have a lot of personal finance to get started, so since we are going to be borrowing i want to ensure that our numbers are as accurate as possible to explain in detail to a lender how i can make their money back and they can have confidence in my partner and I before we establish our portfolio.

Once you have some cash sales, you can reach out to a lender or two and have them start working on getting your project warranted to be conventional loan ready for borrowers.  

If you've paid cash, you can borrow 70% of a conventional Lender's Appraisal, immediately.

@Natalie Kolodij, don't forget FHA 203K Loans that DO allow you to also borrow the rehab cost!

I know lately, interest rates have generally been going down.For example, are FHA loan borrowers probably going to be "underwater?"

For example - and please bring up anything -  borrower credit history.

We also have a fair amount of borrowers who have rentals there.