Seems like the bank owned ones are federal national mortgage association (Fannie Mae). 

I would greatly appreciate the help.Legal contracts created by REALTOR associations are copyrighted and only for REALTOR member use.

He seems to suggest starting with a property that requires light to moderate repairs, reducing the risk associated with the investment.

If the goal is money now go with the HELOC, you'll get the presumed cash benefits as well as tax benefits associated with investment property ownership.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

Also, you will need an EIN and bank account associated with each LLC.

Look up the nearest REIA (Real Estate Investor Association) and GO!

If someone wanted to live there for years and years it might make sense for them personally but given that nothing else in the association is selling for more than $350K it would be futile.

this sounds  a  bit  bizarre basically in order to offer the 95% LTV they want you to use them as the lender for the mortgage on the property the HELOC is associated with.

like what kind of surprises can we see with REO like backed taxes, association etc?