These loans require taxpayers to be current on all previous tax filings, highlighting the importance of expedited processes for obtaining necessary documentation, such as tax transcripts or copies of prior returns.

When it becomes exploitative as it has with China, it's bad and defensive actions are required.

KNOWING real estate (or delivering babies) is a requirement for an expert. 

I have focused my research on house hacking due to the lower upfront capital requirements with an FHA loan.

If it requires a mobile closing we use Michigan Investment Title because they willclose anywhere at no cost unless it's a ruralarea but downside is they require wires for everything which alot of title companies are starting to require anyways.

@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.

It is also important to consider the transactional fees associated with originating the HELOC, whether an appraisal is required etc.

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

If the latter, simply give her the notice required (eg 30 or 60 days) that she needs to move. 

I think a HELOC requires a certain LTV before you can pull any equity and 1 year most likely won't be long enough for any real equity to build.I would say.