Cash out refinance is always a risky endevoure as well, works well if you have a great buy or true value-add play. 

Purchase price: $220,000 Cash invested: $32,000 Single family sitting on 1/3 acre with a large 4 bay garage with Garage apartment to be built out.

Purchase price: $170,000 Cash invested: $32,000 I bought this as a duplex that a triplex. $650 one unit and $600 the second.

The seller is asking for $40,000 down which I am able to pay in cash.

I’d rather take the cash and invest in my own deal or bring on a partner.

My biggest concerns are - to find a deal and then actually get a cash flow from day one. 

DSCR would be the easiest route and then you can rent all the units instead of living in 1 and cutting your cash flow to 2 versus 3. 

.: Subject To and Wraps are very similar and yet, very different.Subject To & Wraps share these characteristics You are taking over payment of the mortgage and transferring the property into your name You become the owner The loan does not get paid off The lender can and sometimes will call the Due on Sale You have to have money or credit to solve a Due on Sale call They are used when someone doesn’t have much equity and doesn’t want to pay a real estate agent They are used when the seller wants to sell fast They are used when the property isn’t really a good candidate for the MLS because of the condition of the property They are used when It’s a unique property and it’s hard to find comps They are used when it’s a distressed situation that needs to be resolved They are used when the monthly payment is below market rate (that means it cash flows) They are used when the seller wants to avoid the hassles of listingSubject To & Wraps Differences In a Subject To, NO new mortgage is created.

If I can get from point A (drawing up plans) to point B (finishing the build and renting the cabin as an STR) I know that this thing will be a cash producing monster with a fantastic ROI.

Like @Stuart Udis said, most of the time its more cost and time effective to do cash for keys and throw a few grand to hopefully vacate so you can change the locks.