I am an agent and listed reos and short sales in California and the banks did not take low offers.

Incidentally, what I posted is how home loans work in most countries on the planet, the kiddy-glove 30YF is the exception globally, not the norm.For a new and inexperienced developer, banks don't currently have appetite, so model your numbers on a hard money loan at 12% to 15% (I do not offer these).

A bank?

Watch the heloc, the bank can retract them, without much notice.

If you go through a bank or traditional lender, they will report your mortgage, but at this point the DSCR rates are as good or better than the traditional mortgage rates, and the LTV are the same.   

Use a local bank or credit union for financing.

There are occasions where the borrower does have ability but does not qualify for traditional - but that is rare.Throw in the fact that I am not a bank so I can create loans out of thin air and only need a 10% reserve as another reason.I can share good and bad stories - it really goes to underwriting the borrower and the price they pay (paying more) is irrelevant if they cannot make payments

Plan on using a mix of HELOC and local bank financing.

We do not like how you enter expenses through the bank feeds.

Quote from @Matthew Banks: It shouldn't be that hard with five rentals.