Trust me, we love regulars who do good work and are sane, so if you find an agent and are loyal to them, they will try to help you on every turn!

The criteria when I applied and received mine was some of the same factors as though I was applying for a regular mortgage, DTI, credit score/report, W2, paychecks etc.

@Jessica HuntIf you are a regular "employee" of the business then you do not need a license.However, doesn't mean you won't run into any issues.Property management has a lot of risk when it comes to things like fair housing laws, which is why you normally have to be broker or be a salesperson under direct supervision of a broker.

That's close to what I make in a year at my regular 9-5.  

And I'm not talking about a HELOC on top of a regular mortgage, but a HELOC instead of a mortgage. 

Throw your number out, step back, and stay in touch regularly.

I thought  I posted it in the regular rental section.

However, with a more sophisticated seller, you're more likely to see these kinds of deals succeed.So, I guess that obstacles count as a con - it may be better to avoid all the hassle by just using regular channels.A pro I can think of is being able to negotiate your own terms.

Another thing to keep in mind is if you need to refi to get money out in a couple years in the future for your next down payment there is a big possibility you will be doing so at a higher interest rate.If you pay more down you are not reducing what you are paying monthly just shortening the number of payments in 25-30 years.It looks to me you are in a growth stage and having a stable predictable property with more debt (paying off at a regular rate).

What amount above regular market rental rates?