Bottom line -- how could someone build a *profitable* real estate investment business with little cash of their own and without rich family/friends?

This is far from an easy business.

Thank you so much for your insight, and congratulations on creating a successful business. 

I own a 3-unit multi-family with a business partner.

The property is located in the Midwest and me and my business partner have ran the comps, numbers and called numerous property managers, handymen, inspectors and even asked locals on reddit to get a better understanding of the rental calculations and local biases in the area. 

I could probably help out a bit, but I've been super busy. 

For our STR we have a few different types of loans but I would always go with the 30 year fixed because you never know life gets busy and in 5 years a lot can change. 

If the property is being sold for 400k (and I can afford the 20% down) but another 800k min needed for a complete renovation (my personal rough estimate), can I take out a traditional business loan to cover the rest, if I were to purchase in my LLC?

There comes a time that you just have to make a business decision about raising rents because owning real estate is expensive.

I would love to connect over coffee and learn more about your business!