@Jeff Duford --it's common for borrowers to use private loans to acquire / rehab / stabilize, and then refi with a conventional lender on buy/hols.

This could be due to various factors but most common would be tight underwriting or inexperience of the borrower (or both). 

As far as permits go, I know you don't have to be licensed to pull them (when the last GC I had messed up everything, I removed him from the permits and took them over in my name), but definitely makes sense for the contractor to be on the permit since they will be dealing with the inspector, correct?

I work with a lot of investors in Concord, Gastonia, Kannapolis, etc that all do very well for themselves.At the end of the day run the numbers, days on market and if it makes sense go for it it!

Oh ok that makes sense.

It doesn't make any logical sense to me, but maybe I would appeal to a different buyer profile that almost prefers to buy the most expensive mansion on the street that they can find? 

Two common techniques I have incorporated with clients is to use a double corporation strategy or the utilization of a discretionary irrevocable trust.

Student loans, business debt, credit cards, you name it.Would it make sense to spend a bit more on the reno and sell each unit as a condo?

@Jim K.That's some interesting stuff but I promise you I'm not a marginal bob and my girlfriend isn't an alpha in the sense that you meant but she damn well isn't a beta either.

I purchased a 28 unit 10% cap at $30k a door though needed heavier Reno to bring it to $47k door renting around $640 incl utitlies.Be aware of cost of insurance and common water bills.Looking at an 18 unit deal in b/c neighborhood now which is closer to $65k/door targeting $800 /mo