Delaware County, PA. Looking for my first rental!

[Conor Coyle]

I'm new to investing and I'm looking to start building a portfolio. My wife and I own our house and I was considering getting a HELOC to purchase my first property. I keep getting denied for the HELOC due to a low credit score. My realtor put me in contact with her friend that has helped me take some steps to fixing my credit. The credit score should rise in the next 2-3 months which would unlock some finances for me. I also have a partner who is contributing capital and is going to help analyze properties with me.

I came up with the idea to rent my current property while I wait for my credit score to increase. I was hoping to use an FHA loan to buy a house to live-in and flip and rent out my current house. My house now would be a great cash-flowing property. Is there anything I can do besides sit back and wait for this credit score to go up?  I have a lot of equity and cash for investing, it seems silly that I have to wait 2 months to get started just so my credit score can go up 10 points.