What I will love to do is some fix & flips instead of that to start securing those large funds for my REI, unfortunately I'm a poor college student haha.

The other option he is presenting is for me to fix all the items on the city inspector list after I close.What would you all do in such a scenario?

I'm estimating that I'll need to maybe put in an additional 15K for cosmetic fixes.

You can fix that by replacing the current one or by enforcing your policies and procedures, if you have them.What does your lease say about late rent?

Contract price is $225K and it may need about $2K in fixes.

Once the properties are fixed up they will be rented.At that point I would like to refinance these properties and pull out as much cash as I possible can from each property.I've contacted a few lenders to ask about a cash-out refinance and they don't really want to talk with me right now.

My 3rd party inspection came back with some problems, but MI fixed every problem listed.

This is where you get the 30 years fixed rates.Where as with portfolio/commercial lending, while your info is important, they tend to be more centered on the property.

However, if my intention is to use the equity from said HELOC/Home Equity Loan as a down payment on a rental, doesn't it make more sense to take a fixed rate Home Equity Loan so I am not subject to the adjustable rates of a HELOC?

Hello BP,I have a unique situation and not sure how to construct an agreement and would like some advise.I do investing in Los Angeles, my brother has a house in Long Beach that was a really bad purchase from the beginning, long story short he asked me if I can help him fix it and ultimate flip it.