We have 750+ credit scores, decent liquidity for a down payment (we can put 25-30% down), we have modest but stable income, but we have tremendous student loan debt from law school and medical school.

But I've also driven around for two weeks compiling condition reports, running comps and giving estimates on repairs and ARV on 120 houses for groups that had liquid assets North of 8-10M (buying 60-80k houses) and made nothing because they decide that Memphis is a better location than Atlanta at that time.

They will happily throw you under the bus to make them look good, by turning you down.I have a client right now and Newport Beach, California, with $45,000,000 cash liquid in Wells Fargo bank and can't qualify for a $200 secured card with capital one because a series of incorrectly reported mortgage issues (that I will get deleted).

Purchasing Lumber Liquidator's Tranquility Ultra click install 5mm thick, 7"x48" planks at $1.79/sq ft (on sale until 9/12). 

With your proposal, the mortgage is assumable, but the equity is not liquid.

That means that if you normally make $5k/mo, but temporarily make $3k/mo until you return to work after two mortgage payments are due, but can show at least $4k extra liquid, your full $5k/mo income can be used to qualify you.

We first sprayed ~50/50 bleach everywhere to just kill gross bacteria and then went back with odaband (fungicide).  

The HELOC gives you lots of flexibility without rushing you into a deal (every second your money sits in the bank, you're losing ROI).I have a $110k HELOC that I keep in reserve for when my liquid cash runs dry.  

Generally if less than credit grade you are looking at 30 to 40% down for STNL unless you personally guarantee the note fully then some lenders if your net worth and liquidity is really high might allow it at 75% ltv.Example you buy a STNL property at 3 million and put 25% down on a non-credit tenant but you personally guarantee the note fully and you are worth 6 million and make 500k a year etc.    

If you were getting a bank loan you would be required to have a networth equal to the loan size and post closing liquidity of 10% of the loan.