This was 2015 so although it didn't cash flow, the other unit offset my mortgage by quite a bit.

Maybe a mortgage lender can chime in.

It by no means is an exhaustive search but I also haven’t seen any co-op communities selling for 50% of comparable condos.I also know lenders that have originated loans for the co-ops in Laguna Hills and I was also reading how Fannie Mae buys mortgages issues to co-ops so it sounds like there’s a market for both qualified and non-qualified loans.

A few months ago my fiancé and I bought our primary residence and we did really like our mortgage broker.

Typically, the initial upfront for the rehab is either cash or a high interest loan (hard money or private). 

Namely, that if a tenant (in this case accompanied by a whole family) ends up stop paying rent and I would be on the hook for both covering the mortgage and dealing with open ended legal costs and time.

@Jordyn Ohs Assuming your heloc is re-advanceable and the rate is higher than your mortgage, I would suggest you pay your HELOC down as quickly as possible with any cash flow from the properties.

we only did private notes back in the day.. and never thought twice about DOS. 

I started my career as a commercial banker a long time ago, but have been an independent mortgage broker for nearly a decade.

It's the concept of buying the debt attached to the mortgage rather than buying the house.