My father built custom log homes and renovated every house we lived in growing up so I've been around it my whole life.

If you are unable to find a DSCR lender who allows for that loan size, you may want to try finding a true private lending individual who who will fund this for you.

I realize investors like to get into forum chatter and expose what they think they know, but you need to speak to your lenders as to what they allow and what they may be willing to do, but the basic rule mentioned is correct, the lower of the purchase/cost or the appraised value.

I had an attorney who consulted with the architect, The property was split with specific drawings of both condo units, we divided the land as "Exclusive use" as it was a side by side rather that "Common use property" this allowed us to have no HOA fees also as both units had their own driveways etc. 

Let me know if need any help in your custom search. 

"Cash out" refinances are quite well known, but please allow me to introduce you to the nefarious twin that pops up when you buy a building at 5% vacancy with max leverage, and then have to refinance it at 25% vacancy with an interest rate that's double the old one -- that twin is, of course, the "cash in" refinance. 

It's a great way to increase your net worth and these loans can also be used to pull cash out of a property as it appreciates allowing you to reinvest money into new deals.

Lenders usually allow up to 8 draws. 

@Kristi BurmeisterI would say it depends on your own management experience level, the maturity of the management system you are going to implement, and the level of customer service you are going to provide.

“Improvement Exchanges allow you to purchase properties needing improvement and complete the value­ add repairs using your 1031 exchange proceeds.”Then I found this that James Boreno posted: https://www.biggerpockets.com/forums/104/topics/1165299-how-...I’m interested in the part where he 1031 is property and bought something that needed repairs so his out of pocket - after purchase - allowed him to rehab the property.Is this is a viable strategy often used rather than buying all ready properties that require no work?