I never thought poorly of my LLs or PMs, unless I made numerous repair complaints that were never addressed. 

b) typically a HML is using some other investor’s money.....the investor makes the interest, the HML makes the points. 2) the 65-70% BML’s Lender is 65-79% of the ARV....value after the house is repaired.

Also if the building needs repair or is already rented will factor into the loan amount, terms and interest rate.

Just for further clarity:The property is currently rented and does not need any repairs that I am aware of.

Do your current expenses include saving for repairs, maintenance, capex, etc.? 

I'm planning to use the FHA 203k loan to finance the purchase as well as the repairs.

You can even do some of this yourself, but you probably will miss a lot of things if you don't have a professional assisting you.Best of luck!

I plan to hire a smaller contractor to handle the job and purchase the materials for them, also probably sub out items they are not good at like landscaping and concrete repair.

Then figure out how much tenant improvement work you need to do to get that new tenant and you have your future income and your repairs figure.

I simply find and finance the properties and assist in sourcing the remodel to sub contractors.My 2017 tax returns were just filed and I was filed as a dealer, but another accountant states I should’ve been filed as an investor.