The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

Besides that, I have a credit repair and funding company that helps entrepreneurs get their businesses going.

Properties are sitting on market for a bit longer now that supply is slowly creeping back up. 50 days isn't too terrible compared to the greater PHX area. 

You are right, when the inspector mentioned the possibility or prior water damage is when you should of had that basement inspected by a contractor/professional and not listen to your agent.Gregg is right, the sellers were aware of some of the damage which is why they gave you a 5K credit. 

Most banks won't want to come in with a line of credit that is second lien on the property.

I am interested in working with MB capital in getting unsecured line of credit and possibly hard money lending.

I use this property and another one as my business line of credit. 

After the initial inspection we sent a response to the inspection asking for $21,500 in seller credits to cover the roof and furnace (both needed replaced). 

Anyone over 18 fills out has to furnish their social security and driver's license numbers, and pays a fee for a credit / background check.

Full credit/background check:  Look for missed payments, and any theft is always a no go.2.)