They only have a private REIT product now. 

This is generally going to be a loan product for a long term buy and hold property. 

Just because a product is more expensive doesn't necessarily mean it provides greater value.

Elwin, in general, HELOCS are second lien position products.

TLDR; Finding landlords who are interested in arbitrage is a by-product of targeting the right landlords, creating a valuable offering, then putting in the work. - - - - - I have a portfolio of 10 arbitrage units in Phoenix and work with three landlords. 

If you were to refi, I'd consider going with an Interest Only product, increasing cashflow.

Does this product exist?

REI Blueprint is his company and the name of a different product.

However the way to go nowadays is DSCR (debt service coverage ratio) where the rent may or may not cover the new PITIA payment on the rental.

Production returns to US from off-shore, labor rate rises.