Norfolk VA Income Property Investor Needs Credit Partner

[Norfolk RE Investor]

I need a credit partner for the acquisition of single family homes up to four units to be rehabbed and rented to section 8 tenants.

The city of Norfolk is constructing a new light rail system called The Tide and my target areas are within walking distance of the platforms. There is a strong demand for 3 and 4 bedroom rentals for a mother and a few kids...The rents are good at $1239 and $1577, and my formula is as follows:
Acquire the property at 60% or below the finished appraisal
Rehab & loan costs from the remaining equity up to 75%
Permanet loan of 75%
Net income after debt service will be at least $350 each property
If the property does not fit my formula I walk away and find another deal...

I am open to suggestions...

Thank you.

[DerekS]

I have friends who invest in Norfolk and have been interested in the area for some time. Just a couple of quick questions:

Most of the REFIs that I've seen require 65/35 LTV, could your numbers work with this? (or have you actually closed loans at 75/25 LTV and can do so repeatedly?)

Do you have a licensed GC in place to handle the rehabs? (who you've worked with or have seen his or her work/references)

Are you local to Norfolk?

Are you an agent or do you have an agent in place who is experienced with this investment model (ie. how are you finding properties at 60% market ARV?)

Thanks!