If you were purchasing 3 buildings, each on its own unique parcel... all 3 buildings/parcels are next to each other and each is worth approx $600k.

For me this will be a BRRRR as well.Buying, Rehabbing all 9 units, Renting at market rents, Refinancing to repay my private lender and Repeating.

The small amount that won't require PMI would be Non-QM but generally that wont accept less than 20% and then maybe some local credit union has a unique loan option.

I'm fully prepared to do sight unseen offers but I'm in a unique position where I can pick up at almost any time and be there within 4 or 5 hours. 

We are looking at making our first fourplex purchase as we are in a unique situation.

However, I am coming across some companies that offer some lending structures that are unique at least from my perspective. 

I wish I had offered more as it is now on the market at $5m more than my offer (my offer match the appraised value and was all I could afford at the time - I think they are about $1m over priced, but it is a unique property). 

Mine is 7 year draw period then 7 year repay period.It would probably make the most sense to try to BRRRR with the HELOC vs using it as a down payment for a buy and hold rental with the goal to pay the HELOC balance when you refinance but depending on the property the cashflow would still make sense to go buy and hold.

Generally, using leverage to buy anything will increase risk, but RE is pretty unique in that using leverage is standard practice due to it's relative stability.

If Niami can’t repay the loan within three months, a trustee for Hankey will schedule a trustee’s sale approximately 21 days thereafter.