In my experience, smaller/local banks and credit unions are a better bet if you'd like to try going this route.

Call some local banks credit unions and see what the qualifications will be. 

In michigan we have a farmers only credit union, they do it on vacant land deals and purchases on vacant land deals, best rates around. 

I have VT Mutual for a 5 unit, Acadia for commercial, and Union Mutual for 2-4 units. 

Specifics:Duplex, bought/rehabbed for $210K ($60K of our own money)  We owe roughly $150K.ARV: $265KInterest rate on current loan: 4.875%Current Mortage/Taxes/Insurance: $1,100/moCurrent Rent: $1,200/mo each side ($2,400 gross/mo)Cashflow: $600/moWe have spoken with two credit unions (and will look into more) and here is what the numbers look like.Lender 1: Will lend 70% LTVClosing Costs (Not including an appraisal): $6,900Interest Rate: 5.75%New Mortgage/Taxes/Insurance: Roughly $1,450Cash Out Refi would be roughly $28,600New Cashflow: Roughly $250/moMoney into deal after refi: $31,400Lender 2: Will lend 75% LTVClosing Costs (Not including an appraisal): $7,000Interest Rate: 6.25%New Mortgage/Taxes/Insurance: Roughly $1,600Cash Out Refi would be roughly: $41,700New Cashflow: Roughly $100/moMoney into deal after refi: $18,250We don't necessarily need the refi money to do another deal or two this year but it would obviously help although it would decrease (I think) the amount of money lenders would be willing to give.Does it make sense to refi even though we won't get close to all of our money out of that first deal, have a much higher interest rate and decrease cashflow by over 50% or would it make sense to keep our money in that deal with the much better rate and not refinance? 

Specifics:Duplex, bought/rehabbed for $210K ($60K of our own money) We owe roughly $150K.ARV: $265KInterest rate on current loan: 4.875%Current Mortage/Taxes/Insurance: $1,100/moCurrent Rent: $1,200/mo each side ($2,400 gross/mo)Cashflow: $600/moWe have spoken with two credit unions (and will look into more) and here is what the numbers look like.Lender 1: Will lend 70% LTVClosing Costs (Not including an appraisal): $6,900Interest Rate: 5.75%New Mortgage/Taxes/Insurance: Roughly $1,450Cash Out Refi would be roughly $28,600New Cashflow: Roughly $250/moMoney into deal after refi: $31,400Lender 2: Will lend 75% LTVClosing Costs (Not including an appraisal): $7,000Interest Rate: 6.25%New Mortgage/Taxes/Insurance: Roughly $1,600Cash Out Refi would be roughly: $41,700New Cashflow: Roughly $100/moMoney into deal after refi: $18,250We don't necessarily need the refi money to do another deal or two this year but it would obviously help although it would decrease (I think) the amount of money lenders would be willing to give.Does it make sense to refi even though we won't get close to all of our money out of that first deal, have a much higher interest rate and decrease cashflow by over 50% or would it make sense to keep our money in that deal with the much better rate and not refinance?

@Mark Forrest, talk with your local banks / credit unions.

@Derek Daun, PenFed Credit Union will HELOC on an investment property.

@Thomas Kareeparampil, I recommend looking at in-state credit unions.

I have been working in the union construction industry for the past 3.5 years .