They switch banks and ask for an extension and add another $2500 deposit as a show of good faith. 

Meaning, the bank wants to see that a property cash flows for typically one to two years of tax returns before they count it as income. 

Quote from @Will Cruz: Does anyone know of a Bank that is willing to do a HELOC on an investment property?

We've worked with local banks and been able to finance the three we own without any issues.I don't necessarily know if it's "beginner" investor friendly but you'll learn everything you need in the bootcamp which is the gold standardWe get loans with 3-7 year balloons and 25 year amortization typically

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

You are walking into a potential situation that can break your heart, break your bank account, or break your will to ever try this again...Maybe if your lucky, all 3https://phillysheriff.com/property-listing/ Thank you for the information!

Kendall Knight with First Horizon bank for lending.

@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.

Quote from @Ivan Castanon: For the past 6 months I’ve been looking for houses (both SF and MF) that can produce at least a little bit of cashflow with around 20% - 30% down.However, I’ve started to realize that this is pretty much impossible these days.I currently have $110k sitting in my bank ready to be invested but I just can’t find anything that will at least produce a 3% COC return.

When I tried to get it when my side of the family found out and tried tp take over reverse mortgage payments to bank because she had died it was to late so they sold the house to Hud and then other reverse mortgage companies but a relative still lives there so they can't kick them out.