This way you'll bypass high closing cost along with having to put 25% down. you'll still closing cost with the attorney but no bank markups.

@Kathryn Dillon I assumed you work for a traditional third-party PM company.

I'm a Real Estate Investing Entrepreneur that buys houses for cash using a variety of non-traditional strategies.

Then you could get in, add value and make your money there until you're in a better position to close traditionally or in a more attractive creative manner.

Today, I use both the traditional spreadsheet method paralleled with Personal Captial.These are the three things I try to track on regular basis in my life. 1) Networth 2) Life Goals : Business, Family, Personal etc.3) Weight / Fat % content 

If he is going to rehab and refinance I would give less favorable terms because that is going to take him longer in most cases than a traditional rehabwhat is the experience level of the borrower? 

My situation: self-employed but tax-return history not enough for 2 years, so seems traditional refinance is not gonna go through.

Thanks @Brandon Hall I guess I should move on from that traditional thinking of local face-to-face notion :-)

What interest rate would you be paying on the increased leverage to get to 100% on the SFR since many traditional loans will not go that high on a cash out refinance so your terms may actually be higher than the leverage on the condo.  

@Justin ReppYou are correct, self-directed Solo 401k is a great option and in addition to other benefits the contribution limits for this plan are significantly higher compared to Traditional IRA ($53,000 for 2015) therefore if your new career as a realtor successful and you are making money you can grow your account very quickly with new contributions and will be able to do some deals on your own soon.