Isn't a VOD issued by the banking institution that you have your funds sitting in?

With that said, O.F. a property (and doing it properly) can increase the price you get for the property because it opens it up to a larger pool of buyers...buyers who can not get institutional financing and therefore will pay a higher interest rate with terms more favorable to the seller.Most investors balloon the payment in 5 to 7 years, but you could certainly do a straight 30 year amortization with no balloon.Some states are judicial foreclosure states and some are non-judicial foreclosure states (like Texas), so you would have to address that with a real estate attorney before you consider O.F. 

If you try to refinance with the same institution I doubt they give you cash out within a 12 month period (after stabilization).  

A lot of the loan officers in these institutions are on a low base salary and make bonuses when they close loans.

I have worked on buildings that were developed by institutional or commercial owners.I currently have 2 properties.  

Any time someone knows your name, banking institution and account number they can create fake checks.  

Has anyone dealt with a low down renovation loan offered by a finicial institution other than fha 203k?

In my distress, I responded to a radio commercial for a Wade Cook Stock Market Institute Trading seminar in 1999 and began my long dive into the world of making money outside of a "job". 

Continuing this pattern of building upon more restrictive zoning, a zoning of MX6 (mixed-use commercial residential) or CC{1-3} (Commercial) does not prohibit residential properties provided the density limits of the zoning are respected.The only place where things vary are in some the institutional and industrial zoning where there may be a prohibition on residential use ... but common sense would likely lead you to the same conclusion.Check with your local planning department to understand how zoning works in your area.

If your lender told you 4 then that is an individual institution overlay.