I typically use a construction loan to update or remodel for the initial purchase.

Most lenders would look at the purchase price, and only lend you 70% of that.Your best bet would be a hard money loan for the purchase and rehab cost.

However, would be possible if I were to open a secured credit card by applying at a Wells Fargo with an initial deposit of say $5000 and after receiving the card in the mail, withdraw my initial $5000 deposit?

I know that there is a difference of opinion about using money from profitable holdings to carry another not so great initial deal.

I'm interested in residential rehabbing and buy and hold initially and would like to move into larger scale commercial redeveloping.

Your assignment fee is determined by how much you decide to make on the deal.Now as Robin described you need to make it a win-win situation, and you do that by factoring your fee into your offer initially so that you can be selling it at your predetermined price.Understand, though, that your assignment fee is whatever you think you can sell it for minus what you get the seller to sell the house to you for.

If the lender is willing to play ball, and continue accepting payments, then her best bet is to come up with money to make the payments.I know of no way to possibly come up with $350K quickly without having something of value to use for collateral.

Over a period of time a loan may be audited several times, especially if there were initial concerns.

I would bet that some $9/hour bank rep. told her that she could try a short sale.

He charges $400 to evaluate a loan to determine if it is predatory.I am willing to bet that his offer is more predatory than the loan that you got.Why don't you tell us the nature of your loan?