Want to make my forst deal; What is mainly looked at to qualify?

[Eric H.]

I am looking to make my first deal and was wondering what my odds of being approved for a mortgage are. I just bought a primary residence on a 15 year note so my DTI is a little high. I have just under an 800 credit score. I would like to use a HELOC for the down payment for the property and I only have a few thousand is savings at the moment. If I'm buying a property for around $80k-$100k that cash flows $100-$200 a month after vacancies,repairs,etc then based on the above what do you think my odds of being accepted are?