. - ReFi (house appraised at $219k) at 80% LTV we got $175,200.

IF you have the funds to purchase a place in LA, then you can begin looking at options around you, You also have to recognize that if you purchase a place and inherit the tenants, all the downsides that come with rent control, the eviction process and of course the time and stress that can be associated with it.

You'll need a much lower priced property with some value add or larger equity spread, and also have the funds to make the payments in case it doesn't play out so smoothly, or there's delays getting renters/lease-option buyers, etc... 

So I suggest start house hacking (live in one unit) a detached duplex that has an easy value add (needs a rehab) with a high LTV loan (FHA/VA loan).  

Just remember that you need access to capital to keep doing deals so if you are limited on funds and tie it up in a rental property that makes you an extra few grand a year you may be limiting yourself to doing other projects.

Coming into some funds and wanted to do the right thing.

in many instances I would be funding 5 to 6 competitors in one city.. talk about having to work in a confessional

I'm curious if I can find someone funding investor notes with less than 20% down. 

What I am looking to do is leverage their investment for just one deal at a time allowing them to be first lien holder on the property and then prove the value and work towards a relationship that will allow me to use the funds for say 6-12 months, with payback terms and interests allowing me to turn that money over a few times vs. just one property at a time. 

In hopes to get lenders  with great LTV percentages as everyone else.