You have used home equity lines of credit to purchase investment rentals and want to know the best way to pay down the HELOCs.Between the two properties you bought, after expenses, you have $250 a month positive cashflow to use.What I like to do is pay down some principal every month with my positive cashflow.I use my extra active income from real estate commissions helping other investors to pay down the principal even more which just frees up that credit for me to use again.I know I can refinance the HELOC debt before it changes to principal and interest as it is just interest only payments as yours are.One difference is the cashflow, I have greater positive cashflow and could make the principal and interest payment in the future with the extra cashflow I already enjoy.I always get HELOCs on my income properties as well after purchasing them to pull out as much of my downpayment as possible.

We have no debt and good credit scores, do we have any options for making this work?

Yes, that’s another credit union only asking for 10% down with no pmi.

And when you said the management company takes a 550 credit score , all I see in your future are evictions .   

@Justin FondrenIf your credit score is in the 700–730 range, you're in a great position to secure favorable loan terms.

Some credit unions will go to 85%-95%, but there are just a few that will do 100% loan to value! 

A couple developers we work with skip LIHTC and the tax credits and go the route of impact funds to help alongside other debt and sometimes equity. 

It depends. all you talked about was the property but financing is more about the borrower, their experience, their credit, the cash available etc.

. - near lowest delinquency, late payment, and evictions in the country.  

Plus, if you aren't able to get approved with what you've got now in terms of savings, credit, etc. you can learn on what you need to qualify so you know what to be working towards.