Can you get incoming liquidity or is it only outgoing?

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100k liquidity added on each chan

So if I select a utxo with 1m sats and set the local amount to 200k I get a channel with 200k on my side and 100k on your side and 800k back to my wallet?

Only with the 0conf LSP. You don’t get inbound if you open a chan w onchain funds