@Tina Kapur—First and foremost, you can NOT deny a tenant because of a voucher—that's a big no-no here in Chicago...now, of course, you can deny the tenant for other reasons like credit score, income, etc.We usually do 2.5X income w/ a 600+ credit score in the nw side of the city.Section 8 has its pros and cons like anything else...the check shows up EVERY FIRST of the month like clockwork, but additional paperwork and CHA inspections are required.

Obviously people can get deals done with little or no money down but as a new investor I think your time is better spent getting your financial house in order so that when you go to a bank with a deal you are coming from a position of strength.I kind of chuckle when I see folks who have poor credit scores, no money saved and are looking for advice on markets to invest in. 

You agree to pay the monthly Rent indicated above via deposit to the following checking account at XYX Credit Union: account # 123456; routing # 123456  (nearest branch is 123 Main Street, CITY).

Closing in an LLC would also mean that the new mortgage wouldn't show on your personal credit score too so it shouldn't implicate you when looking at an FHA or HELOC.

You need to provide them with the LLC information and the trust documentation when opening an account.I have opened bank accounts for the trust and for LLCs owned by the trust at multiple institutions, including one of the four major US banks, local banks, local credit unions, online banks, multiple major brokerage houses, etc.

I have a client that has had a rough past two years (a credit score under 500 and they're a 1099 with inconsistent income history).

I am based out of SLC, UT but wanted to see if there are any good HELOC programs anyone would recommend aside from local credit unions? 

I think you are on the right track comparing options - however I would note that there isn't really a differentiation between "DCSR" and "ARM" - there are a lot of 5 Year ARM options for DSCR Loans so theres overlap - maybe you are referring to a true 5-year balloon bank/credit union type loan?

Hi Sharon, there are other other lenders don't base their approval solely on your credit score.

Scored a Weller Antique 107 for MSRP!