I prefer buying sub $200 in a market where median is $350k+, long as it's fair condition, ancillary/satellite MSA, because I know time will slingshot appreciation. 

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

A tax account ensures nothing is accidentally spent elsewhere, and a marketing account makes sure lead generation is always prioritized.From a credit perspective, connecting credit cards to these accounts on autopay helps you manage spending responsibly while playing the credit game.

You are calling with an opportunity for them to sell their house for a fair price.

We have located a good parcel of land at a fair price, only issue is it's currently zoned for residential and we are planning to develop a small, 8-unit apartment on it.

From there, it's normal DTI/Credit/Cash assessment for the new loan to determine whether you can afford the loan. 

If they do not qualify because of poor credit or income issues compared to being self employed etc there are differences - but typically people don’t qualify due to poor credit and people will seller finance to these borrowers thinking they woke up at a holiday inn and got a finance degree when in reality they repeat their past mistakesRemember the definition of insanity is doing the same thing over and over again expecting a different result

For a traditional Heloc at most small banks/CU's, the rate will be variable and will be WSJ Prime + a spread that represents the borrower's credit risk.

I know I can go through a lawyer but I was told it is a fairly simple process hence want to DIY.Regards,Xuming

So, you, as an individual, may not get to the same rate that a MASSIVE national builder can...but you can certainly offer credits to the buyers to help buy down the rates.