What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

. - Hence why all the DSR loans we've seen have a required document the borrower signs that states the lender will start foreclosure proceeedings if the borrower ever occupies the property.Please correct me if I'm wrong or clarify anything I missed.

I mean, read the first line of that document.

Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option. 

I understand that the interest on this HELOC should be tax-deductible, and I have documentation to support the transaction.

If the proper reports and documentation are not completed, you run the risk of failing an IRS audit and the cost segregation not being honored.

Been trying to get a few quotes since my plans are submitted and waiting.

I had to have an awkward conversation with my favorite realtor when their broker suggested everyone had to pay a $700 “document fee” on every sale.

Proof of funds would be a bank statement or some other document indicating the liquidity you have.

Also being able to write down/document goals I set earlier and see if they are being hit.