Also interest rate has gone slightly down but I am getting an 8.8 % interest rate with credit score of 734. 

.- thanks ...try reaching out to the local small to mid size  credit unions and banks in NJ ...contact the bank you  have your checking / savings with ...contact the lender that services your 1st mortgage for options .....regarding deprication - are you asking about the depriciation on the  primary home ( subject property ) being added in or  for the depriation from another property ?

You are going to have some seasoning on the deal, so I'm not sure 6-9 months will give you enough time to stabilize the asset and have several months of financials.I would shop the deal with credit unions and community banks.Sounds like a great deal.

Hello BP Community, Does anyone have any suggestions for local community banks or credit unions in the Indianapolis area, or Indiana in general, for pulling a HELOC on an investment property? 

Taking action today that involves a significant hit to your credit score could increase your auto / homeowner's insurance premiums and increase the interest rates for new  loans for an auto or property, etc.In fact, some opportunities may close to your altogether.

PadStats has developed a proprietary socioeconomic viability score for each block group, census tract, and county in the US.

Some military credit unions offer business loans and mortgages for buying properties. 

I don't like the credit unions for the most part any more. 

If they do not pay or do not pay on time and the bill is in your name, your credit score will drop fast! 

Also my credit score are 820 across the board.