I give you guys credit for taking the leap and making it work for yourselves - id like to follow in your footsteps in he near future.  

It will also be more expensive than just looking into a line of credit with a local bank. 

Many thanks for any insights & guidance.TimThe only up front fees you should have are an appraisal and credit report.

Is there an issue with getting set up with one or more of the credit bureaus and starting to report on our borrowers?

I have just divided fuel on 12 units to separate meters and told my tenants they are responsible for the fuel accounts only to find out that 2 of the 12 have had their credit decrease since renting and the fuel company won’t do business with them.

@Sonja Revells Real estate investing can be seen as higher-risk by lenders and Dun & Bradstreet (D&B), potentially impacting your credit terms.

This can be a city or neighborhood.We manage a lot of Class C properties in the City of Detroit, so previous evictions are common.We typically do NOT allow within the last 3 years and we want to see stable employment, income and no other major credit issues since.For Class B rental we're looking for no evictions in last 5 years.Class A, would be at least 7 years.Of course, there are exceptions to all of the above for extenuating circumstances the applicant is willing to provide acceptable documentation for.

Since they do not require closing credits and you do not draw on the funds nor pay for the debt until you take the draw of the HELOC it is best to get started on it now so you have funds ready.

@James HumphreyI would suggest speaking to local banks, and credit unions.

@Ramada Evans- 1) if buying as a rental and  financing it - your down payment will need to be a min of  15% of the  purchase price   ( so thats either  30,750 at 205K price or 32,850 at the 219K price ...so  not much of a down payment  difference   2) if it appears that there isnt much competition  or interest in theproperty - the lower price might be OK   3)  you might also consider   asking the seller for a seller  credit you can use towards some of your loan costs   4) get pre approved  if you arent already pre approved