Most (not all) HELOCs require that the property is titled to an individual (not LLC) and are full doc, meaning your employment history, income, DTI etc will be factors.

I'm in the Wavemark income fund and am getting paid my distributions

I believe there are a few unconventional approaches that work best for OOS investors looking to perform BRRRR in Mid- to lower income communities.  1.

., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?

This can save thousands annually.  

Disclosure: Previous, current and future purchaser of Matt Scott's services.I have personally used Matt Scott and Incite Venture Capital to create my fixed income fund.

Last thought (mainly for future readers), you may be talking about the 1 year FHA history if you have variable income.

And for the evidence, I would guess that they'll want to see some evidence of the income from the rental days.

I would apply the cash flow to pay down the debt and hope to have significant passive income (or equity to put into something else) in 10 years.

It was already generating steady income, and we were able to grow its revenue further by raising prices and improving operations in the wash & fold service, which led to better customer retention.Our SDE (Seller’s Discretionary Earnings) was about $77k annually.