Several past posts addressed parts of my questions but wanted to lay out my current challenge. 3+ years post Ch. 13 BK and foreclosure done outside the BK from a failed restaurant business. Since then, current house free and clear, credit score back to 700, solid income and work history, credit report not showing the BK or the foreclosure but when trying for a HELOC or mortgage and answering the questions truthfully, get bounced for lack of seasoning. Local banks and CU indicating 5+ years seasoning required, so I stopped that process for now. I have an opportunity to purchase 2 homes from an estate trust I'm a beneficiary of with my 5 siblings, none of whom have interest in the properties. My share of the cash proceeds would pay for all or nearly all of what I'd offer on the homes. Mild updating/cosmetics needed under $15000 total. Rent should cash flow about $700-750/month with no mortgages in place.
Are there best current options for financing to do 1) HELOC on personal residence and/or 2) a BRRRR on one or both of the houses or is my play to wait another 1.5-2 years as buy and hold and then qualify for better financing showing 3 homes free and clear?
