My wife is CAM and an Architect student.

When it comes to an interested applicant's credit history, you really want to make sure you're getting the best overview of what types of revolving balances they have, monthly commitments, payment statuses, etc), and there's a way you can do so without harming their credit score (more on that in a bit).The big reason why this is important is your ability to make a judgment in the best interest of your business (ex. a prospective tenant might have been an irresponsible young college student who maybe overspent on that first credit card a few years back, but if they're well into their career and have on-time payments, a full breakdown of that credit report will provide you with further insight than just a score).

Thanks for the suggestions @Jason DiClementeDiClemente  and @Cam Jimmy We were very forthcoming with our plan to invest the money on a rental and the credit union didn't have a problem with that.

HELOC’s are simple interest revolving loans which monies may be used towards real estate transactions (down payment, etc.).

Because the line is secured is does not effect your credit like a maxed out revolving debt. 

Once I joined, I took their CAM (Certified Apartment Manager) program.

Thank you all for ur input, i have done some research on the side as well and here is what i have found ut.Landlord can either charge for CORE factor or CAM + allocated share of taxes & insurance. 

.$18 per sqft with $6 CAMS per sqft3 year lease with 3% yearly increaseIs this reasonable?

@Nicole SparkmanCPA/Accountant is a service based profession and the tax code is lengthy and complex.There are tax code sections specifically written for real estate investors, developers, teachers, international residents, various entity types, etcIt is impossible to know the whole tax code; especially with all the changes that occur from year to year.The tax code complexities revolving around real estate include items such asdepreciation, cost seg analysis, 1031 exchange, opportunity zone, short-term rental not subject to SE tax. 

I think part of your question revolves around qualifying for an FHA, due to already have a property, and/or a mortgage, in your name.