As far as credit, you would want a score above 680 ideally to get the highest loan to value on a cash out refinance, but I would aim higher at 720+ as that comes with a significant rate drop.

., are all ideal in my opinion. 

@Jeffery Jones As someone who owns 6 single-family homes under the Section 8 program and runs a property management company that manages over 100 Section 8 properties, I’ve learned a lot about the ins and outs of the program—not just the idealized version often shared on social media.If done correctly, Section 8 can be a great way to diversify a portfolio.

We did not do this and still encounter less than ideal setup the result of our initial setup many years ago.  

I deal with wholesalers every week on my fundings  or should I say I see their fee's on the HUDS every week.. if I see one come in that is just way to high  like a 50k purchase and 50k assingment fee I wont fund it..

Ideally, my goal would be to get $40-45k equity back out.

Ideally a HELOC is used for less then a  year project where you can refi or sell to pay back the HELOC. 5 years is a long time, things can happen and if you reduce the cashflow on both properties you'll be increasing the risk and having thinner margins.

Our biggest problem is getting her out so we can do a proper rehab 60 days of dead dime waiting for her to vacate is not Ideal obviously. 

Some carriers require limited water damage coverage depending on the age of the property and age of utilities.I would recommend at least 25% (ideally more) when possible and if you're limited to 10% you should make sure you cannot purchase another policy for a similar price.

I'd like the building to be within 10 minutes walking distance from a Brown Line L stop, ideally in Lake View, North Center, or Ravenswood.