Whether its rented or not makes no difference in the LTV, its only needed if you cant qualify with carrying the full mortgage payment on your own. 

If they do 90% your new loan would be 102,00090% LTV = 102,000 - 80,000 = 22,00080% LTV = 96,000 - 80,000 = 16,000 cash out.'

I'm currently building a duplex that I'm funding using HELOC money on 2 properties that I own.

I am looking at getting into an industrial property ASAP. I’m looking at combining hard money and gap financing.

The HML will do 70%, what does a gap lender typically cover? What terms do gap lenders like to see.
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First glance on your new condo loan says you're lucky to have anyone funding loans that are so small. 

And keep the rest of the cash for 1 more rental, our self, for emergency funds, and too spend some wisely ?

Hence, they wouldn't even look at 65% LTV.

Hi All,I was hoping to get some of y’alls opinions on how today’s news about Opendoor could impact our business.I have personally received a slick letter from this company, offering to buy one of my rentals.They just received $325 million in funding, just as I am attempting to get my business’s first Deal.I will not give up - if anything, this is an indication that there are still deals to be found in the USA. 

Its like asking the owner to fund your new project. 

Just the main hurdle is getting the 70%-80% LTV, and hence the 20-30% down payment, that is generally (from what I have read so far) the requirements for a commercial loan of this size.