Obviously, do not make any major purchases or something else that would affect your creditworthiness leading to and during that timeframe.   

The trust I run apparently is not credit worthy either despite two years of tax returns. 

use those funds to improve credit worthiness, and finance more rehabs. 

Let's assume that the borrower is able to qualify with their income, creditworthiness and down payment for the maximum permitted FHA loan, for their respective area.

I don't really use em much since I haven't needed to.Credit worthiness is credit worthiness.

HELOCs take for-freaking-ever to close for average creditworthiness people.

Save or get 3 1/2 % down payment + cost (you save or co-borrower contributes 100%)Parent or family-like relation is the co-borrowerLender “blends” all debt and income for qualifying All borrower must be credit worthy (if of you don’t earn income)Benefits: Parents stop paying your rent since you’ll get roommatesYou’ll become an be aspiring investor that will pay back the down payment or partner with that family member in future endeavorsIt’s a win-win situation which not only the foundation in your financial future but will strengthen the family as a whole as you’ll share more that just a familial relationship.

That program is much more cost effective for smaller projects and would still be non-recourse.HUD does not have hard minimum experience requirements but they want someone generally credit worthy and financially sound. 

@Aaron KlattI am factoring more then enough time into the lease option to comfortably reach the needed credit worthiness to use traditional financing to complete the purchase and repay the initial capital lender

If neither do then I’d just not renew on the one who has the lowest rent or the least credit worthy