HELOC Basics:A revolving credit line secured by your home’s equityLow interest rates, but often variableDraw period (5-10 years) → Repayment period (10-20 years)✅ Pros: Lower interest than other loans, flexible access to funds, potential tax benefits⚠ Cons: Home is collateral, payments may increase, short repayment termWhen It Makes Sense:The rental property cash flows enough to cover HELOC paymentsYou borrow conservatively (avoid over-leveraging)You have a backup plan in case of market shiftsSafer Alternatives:Save a larger down paymentConsider seller financingPartner with another investorFinal ThoughtsWith your timeline set for November 2025, take time to research markets, build connections, and plan financing wisely.📌 Key Takeaways:Out-of-state investing can work but requires a solid local team.Use online tools like BiggerPockets, Rentometer, and Roofstock for analysis.A HELOC can help, but be mindful of risks and repayment terms.

Give them a couple of options, they already know the unit got foreclosed, most people move to avoid the hassle. 

You won't be able to use conventional financing and must use a non-recourse loan which typically require 40% down.

Or REQUIREMENTS for personal use. 

I can share my learnings, so that you are aware of what to avoid, specially when you are out of state.

I am always skeptical of the HMLs that don't require an appraisal.

In some cases, we give them a 60-day notice but in this circumstance, we would stick to what the law requires.

If you are specifically asking about the requirements to get licensed you'll want to do a google search for you local laws and requirements.

Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I’d consider using some of my cash to pay down the mortgage when I refinanced.

They require only a 60 day notice.