Frequently the REI/consumer applies to 3 or 5 different HELOC lenders before a credit line is actually opened -- the better rate HELOC has higher standards, so REI/consumers go through this time-exhaustive exercise of getting denied a bunch because the 4 best rate HELOC lenders denied them, it's not until the 5th that it's approved and open.

Set up an option to buy at current or below current value.Then exercise option to buy by either going to the bank and get 100% financing, after you have had a vested interest for 12 months.So you do this to show a track record for a year?

I'm using Loopnet to find deals and work the numbers, it's merely an exercise to get more comfortable running numbers:The "deal": http://www.loopnet.com/for-sale/ca/?

Let’s do one house sample below.

I'm going to pass on this because the rehabbing is way over my head and I want to stick with what I understand, and, I find the exercise in learning interesting. 

But also agreeing with @Wayne Brooks this sounds like a wrap around deal otherwise the existing lender could exercise the due on sale clause, another thing to look into. that's my .02

Now it is pricing change which is a constant learning exercise.

If the property doesn't settle, he does not exercise his option and he is out $100.00 ---- Wow!

I really do hope that the bank doesn’t exercise that option.

@Sharron StJohn"Sample: Buyer is being represented by Sharron St.