My collegues here think "it's a scam" "it'll never replace REITs"  First it's not a scam I tell them, and REITs were designed as tax shelters not investments.  

All investors leave 10% in their rehab budget for fudge factor to account for unbudgeted projects.I know several BP people that used credit cards to fund the rehab part of their investment so they were able to pay that back in a short time, but to fund the entire project on credit cards for flips is risky on top of flipping (which itself is a risky undertaking to ensure you plan properly to ensure you profit on the sale).

If you guys paid cash for the property & want to avoid borrowing funds, but need money to pay the contractor & start producing income, then you could possibly do a lease option (aka rent to own) allowing the tenant/ buyer to choose design elements or have input on the design (so that they feel they're getting some kind of customization & added value), this would be of course AFTER collecting an NROC fee, (Non-Refundable Option Consideration - not a down payment but gives them the right to purchase at a future date - usually 3-5 yrs) typically anywhere between 5%- 10% of the market value of the property.

It's a range using only a few factors.

Networking seems to be a huge factor in this business so I would suggest finding people already successfully flipping in your area their insight will be invaluable.

Ithaca is an Outlayer statistically, there are many factors that influence this.

I wouldn't worry too much about not having assets when it comes to qualifying for a mortgage, that's doesn't factor into the equation, with some readily available conventional loans.  

I think if you do the math and factor the costs of refinancing to save $80 a month, you will see that you are going to spend more in fees per year for the costs to refinance than you are going to save by not having the PMI.  

This wouldn't be a mortgage.The bank will tie up your funds and should offer a competitive rate, this is a low risk deal for them and I don't suspect your credit will be much of a factor. 

@Stephen Moskowitz I meant that the cost of renovating becomes higher if you have to factor in the cost to raise the home on top of all of the other renovations.