@Jane Smith70%-75% LTV is pretty typical for an investment property refinanceHow much equity do you have?

My goal is to be able to buy single as well as multifamily homes and live off of the rent (long term goal) Ive also met with a broker who works with short sales, he takes on about 10 "projects" a year presents you with the short sales in area of interests (mainly Long Island) along with high and low comps, he asks for a percentage (unknown, at our discretion it appears) of the  profit after the property is sold, he typically works with investors who buy and flip. 

Reason I ask is typically you can't get LLC treatment if a property is financed.

I know it’s typical but is everyone 100% sure they’ll be able to refi no problem at the end of the term?

We also buy very unloved buildings under the assumption that we will be gutting the building and replacing almost everything ... so typically do not bother with engaging an inspector or engineer unless we see something out of the ordinary (in a bad way) or we are having a Phase 1 done.However, in the beginning before we had acquired our present level of comfort and experience, we sent an inspector into most buildings ... if for no other reason than to provide input into maintenance and renovation planning.

Typical cap rates in the area are around 8% which would result in a value of $312,500.

Materials here are typically at a higher cost.I'd be happy to help answer any other or specific questions you have.

They usually have an interest rate a little higher than a bank but they are typically more ready for negotiation. 

I am not the typical BP person because I just don't believe in "passive" income. 

I figured that before asking and running the numbers but wanted to see how much margin they typically use.