If for some reason you end up looking at HELOC, at my local Credit Union they have a HELOC that is about 4% right now that moves with Prime, but can be looked at any time with up to a 10 year rate lock. 

She can also help with getting your credit ready which is something to look into well in advance of looking for financing. 

The house was built in the 50's and the plumbing was upgraded at some point to copper and most of the major items were replaced at some point and time to meet more modern standards.

Inspection revealed tons of major issues in the crawl space (flooding etc) and renovations will be major.

In addition, in A and B class areas in major metros, the renters are also extremely qualified as the houses are worth much, much more than the apartments.

View report*This link comes directly from our calculators, based on information input by the member who posted.Hey BiggerPockets,I have found a potential deal on a multi-family in Chicago that may cash flow but unfortunately is in a C-neighborhood (and also right next to a major metro airport so maybe noise factor will be bad). 

@Ryan Johnston There could be major differences between various lenders - here is a list of questions to help you bring them to an apple-to-apple comparison:Questions to ask when shopping around for a hard money loan What % of the ARV is leant outWhat is the interest rate?

The following is what we can offer:Over $110,000 cash$17,000 in credit line at a home improvement store (thinking about opening another credit card which will probably offer the same line of credit)Our home has around $80,000 in equity.We both have great credit scores.I have a friend who’s a Realtor and has flipped three homes and is now in wholesaling.

If you are driving distance from a major city (or major cities like we are -- LA and SD), you'll have a better chance with a high bedroom count home. 

I do have some equity in my primary residence since we did some major upgrades when we bought it.