Pretty much you qualify for the ARV upfront like a typical purchase loan (lender reviews credit, income, down payment etc.) plus you submit a contractor bid for the work that will be done.

I don't have the 20% equity to qualify for a HELOC or home equity.. 

Scaling up to me leads to success.I am in your same position,and I joined one of the big education REI groups.Starting out FB adds,Craigslist adds and bandit signs can help you scale up.Eventually building a team that includes an acquisition manager to bring in qualify and accept leads for your business.I have a CRM and access to send post cards or yellow letters to different situations.I have targeted pre foreclosures,out of town owners,etc.Always have a sign in your current projects too,people are curious some of my best referrals have been through my own projects neighbors.You have to do some research to see what works in your local market.Keep up with what is working and what is not.KPI.Scale up at your pace,you are successful!

Then I took it to my attorney for review and tweaks (as I am not an attorney and am not qualified to practice law) before we put it into service. 

And then told us what he thinks we are qualified for...not what he knows but what he guesses.   

I have qualified for both 3.5% FHA and 5% conventional.

I have qualified for both 3.5% FHA and 5% conventional.

Connect with a lender today, many of them will be willing to give you exact steps you can take to repair your credit and get you qualified for financing in the shortest amount of time possible. 

If you are selling and wish to 1031 into another property, you need to consult a Qualified Intermediary now.

Most Americans at the time shifted their preference from owning to renting because they were either burned by home ownership, their credit was impaired and couldn't qualify for a mortgage, or they just couldn't afford a home given the weak economy.