And as mentioned above, if the lender you are speaking with doesn't know what that is...then you need to go to a different lender.  

Myself and a friend are looking to get into investing in buying hold single-family homes.

I have one near a homeless shelter and a liquor store.

That makes a real difference.Initially we had one originator, one part-time processor, and a part-time admin assistant. 

Right now the only utility at the garage is power so basically I am starting with a frame and a roof. 

I have a house that’s a long term rental upstairs and a medium term downstairs.

@Jonathan Blanco, I'm and investor and a licensed mortgage broker so I've been on both sides of this conversation.I would look for a lender that (1) listens to you and understands your strategy and needs (hint: it's not always money), (2) has experience working with clients executing your strategy and brings more to the table than just cash - be it advice, relationships, deal-team partners, etc., (3) gives you viable options and explains the pros and cons of each option and (4) you enjoy interacting with - this should be a relationship, not a transaction.Once you find a few lenders like this (and you should have relationships with more than one), then you can start comparing rates and fees.

Its 20 years later I have money in the bank, great credit,  living alone very modestly, and a business that is doing well.

I would like to purchase another property so I looked into a heloc and a cash out refinance and it looks like I would qualify for about 75000 max which would be enough to put a down payment on another property and rehab it, but I still haven’t paid myself back from the original property rehab.

Spear's comments about required capital improvements as they relate to rent increases and a captive audience/ trailer trash mentality.