Condo Heloc could be difficult with recently being listed for sale..check in with @Joseph Chiofalo he's a South FLA based lender and they have DSCR and alternative income bank statement second position programs..they also do mixed use and 5+ units commercial lending. 

I think you are smart to continue to do some research and familiarize yourself with the program. 

Hi everyone. I'm hoping you can help me find some good DSCR lenders and give me an idea of the going rates? I was quoted 9.75% for a DSCR on a rental property recently. Is that average? High? Low?! As I am shopping, w...

If the equity is sufficient for the down payment and qualifying for the new property there are some excellent HELOC or even fixed rate second mortgage programs available.

But its seems like these products are imaginary programs that people have heard of but nobody has actually done one. 

I guess I both programs have great features, just not the same features.  

@Justina Sirohman no one has created a reliable software program to do this yet - at least not one that is affordable for DIYs.So, knowledge, or access to it, is power for this topic.You'll either have to pay a contractor for bids, and/or learn how to price things yourself.

Quote from @Gabriel Ortega: looking at 75-80% ltv for a heloc, yes all rental income are in schedule e  Hey Gabriel, If you are only a W2 earner the bank statement program will not work out, since you must be self-employed to qualify.

I'm potentially looking to purchase a small rental building which falls under the NYC rent stabilized program.

Same program, Fannie 5% down.Find another lender with reasonable terms.