HELOC Cash To Buy House, Then Refi To Pay Heloc.. but

[Aden M.]

We have bought a few flip houses over the last few years. Every time we use the HELOC in our main residence to buy the flip house for cash. I renovate it, sell it, and then pay back the HELOC. Its always been great.

I have a new situation yesterday where I found a foreclosed house, and its very unique property, close to my main residence, and I think I want to rent it as a landlord rather than sell it for a profit because it really is a great house in a great location, and I am 100% positive I can rent it for good money, or throw it on Airbnb which I do already with a guest house on my property. 

So here is my dilemma. Over the last year I have refi'd my main residence into a 15 year mortgage, and just refi'd my student loans into a 10 year mortgage so I can be debt free by the time I am 40. Now that I have done this, my debt to income ratio likely won't allow me to take a mortgage our on this new investment property after I buy it using my HELOC.

If I am to rent it out, and get a tenant in there, would they consider that brand new lease in a mortgage to allow me to get a mortgage on it so I can pay back my HELOC. I plan on buying it for 100k, and the property is assessed and would appraise for around 190k.

I know they like to see 2 years of the tenant being in there on your taxes, or at least that was the case for me a few years ago when I owned a rental property. I just want to be able to buy it, pay back my HELOC and then retain a low mortgage on it, with tenants in there so I can pay down that mortgage over 5-10 years.

Any advice would be great.  I currently work with SoFi for my student loan and Quicken for my mortgage. Both were amazing but I am not sure they would consider this situation.