when to get my second rental?

[Joe Boggin]

i closed on my first rental last month. i replaced the electric service and upgraded the kitchen. my first tenant is in and rent will be paid by end of month! i own the house free and clear and i want to obtain a heloc or line of credit to get a second rental, service the debt with the income of both homes.

how long should i wait to have it appraised? will the lender always send somebody to the property to inspect? i live in philadelphia, if i find a lender i like in california, will they compute equity based on comps? if my salary from my 9-5 wont cut it in terms of DTI ratios for the loan service, how long will they need to see rental income? will a signed lease and deposits count??