No doc cash out refi on rental property in IL?

[Davis C.]

I have a rental property worth $220k, rents for $1500/mo, no mortgage in IL. I am self-employed and was looking at bank statement loans when I found a lender that offered an "investor loan" based on 70% of rental income. My FICO is low at 680, the terms given were 7% 5 year ARM, 2 points + $1500 fees, as well as a prepayment penalty.

I'll be selling the property within a year, and would like to find a similar loan w/o the prepayment penalty, and better terms if available. Even better would be a HELOC based on the same qualifications.