Financing first deal.

[Santiago Sosa]

Hello

I'm self employed and normally they give us small business owners a hard time getting traditional loans.

I'm looking at getting my first rental property and have seen some good deals in my area (South Florida) where I can buy a rental townhome for $50 - $70k, they rent around 1k/m

My question is, if I buy the property cash, can I do a home equity line of credit or get a loan on the house?? - How long will I have to hold the property for, etc etc. What the usual terms on these type of loans. Is this what a HELOC is?

Any tips will be highly appreciated.

Thanks!