HELOC on Investment Property when Credit is Bad

[Ancel Pratt]

Greetings BP Community,

I have a property in Plantation, FL that's free & clear, that I would like to take out a HELOC on, but have been advised that because I had a deed in lieu within the past 12 months, no one would offer it.

Any suggestions? 

Backstory: In December 2015, I took a job out of town an begin renting my personal home. Because I updated my id (rookie mistake), the property is now considered an "investment property". I had a deed in lieu with an property in Atlanta that was under my name (all around bad scenario- - - i guess you live and you learn). My intent is to sell my South Florida property in Feb. 2018, when the lease is up; however, I've just been informed i now have to change out all the plumbing at the house (to the tune of $25K). Was interested in a $50K HELOC to have the plumbing fix and do some cosmetic updates towards the end of the year, when I'm preparing to put the house on the market.