Actual Cash Value:  The Replacment Cost minus the depreciation. 

Your equity equals how much “cash” you would have left after paying all debt on the property, whether it a 1st or 2nd mortgage, a lien or a heloc doesn’t matter

Setting up and maintaining an LLC comes with annual administrative costs, so another thing to consider is your cash flow.

What you are referring to is a  DSCR loan which the lending companies do provide, they do require decent down payment and it must have good cash flow.

Yes you can still find cash flow properties at this time.

I'm hoping to do a cash-out refi as soon as possible to take the funds back out.

Don't know anything about them but per my calculations they are taking 27.2% of the capital appreciation on the New Braunfels deal at the end per their projections which seem optimistic in this oversupplied environment, (Austin MSA with largest new multi-family projects coming out this year in the country ,8% of total existing stock and already seeing rent rate declines of near 10%in the city so far) and they are taking a big chunk of the monthly cash on cash as the preferred payouts for their 3 different classes are well below the projected cash on cash total.

Hey looking for multifamily 20k down cash flow 200 - 300k a month c class neighborhood high rent growth potential  

Even better, call it your personal residence but AirBnB your personal unit while you stay at home ;-) Of course, you need to find the right area that will have demand, but you'll be cash-flowing well and still have money in your pocket for reserves or the next opportunity. 

@Barb Knowles If you're just starting out, you may want to build up more cash before you start buying and holding if funds are low.