Also his credit score comes back as N/A.  

Maybe you need to look at places that are already being rented out, such as N-plexes or apartments.

Also, as Ned said, there are seasoning rules on refis quite often. 

As @Ned Carey said lower LTV will reduce your risk. 

As Ned said above, I wouldn't use that formula for a buy and hold.

As @Ned Carey mentioned above, he’s provided me a front row seat to understand the deals he’s involved with and how he goes about putting them together.

@Calus Glispie as @Ned Carey said $1 is legally considered sufficient if not adequate consideration for a legally binding contract along with a couple other elements.

@Nahal BeckamI concur with @Alan Grobmeier that a high credit score means they have been responsible and as @Ned J. states you always have the option to amend the contract. 

If there is an operation always available, they are either big enough to charge retail, or small and not busy (which may say something about their ability or reputation).As Ned stated, local experienced investor colleagues will often have experience with the best vendors of each type to work with.

Second, as @Ned Carey said, details matter.