We cant seem to get a conventional loan on just one income. 

The DOM is up, inventory is up, sales price/list ratio is down about 6%- so it's got to be getting harder.

I can think of several reasons - but the bottom line is that since a HELOC is going to have a higher, variable interest rate, and a DSCR or conventional loan is going to have a lower, fixed rate... it wouldn't make any sense to have the BRRRR sit on the HELOC. 

Low inventory, high demand.

Whatever the reasons, a buying frenzy kicked off and drove prices higher, which created a shortage of inventory, which created more equity in existing properties, which created a buying frenzy that drove prices even higher, which . . . you get the point.It should be clear to the casual observer that rent rates and sales prices can't increase forever.

We have a lot of off-market inventory, much of that being MF

@Oliver MartinezAssuming you qualify conventional lenders can do those deals, but the issue is they make practically no money doing small loans sub 100k.

You say you can get financing but is this conventional financing?  

Right now the median price of new construction homes is as close as I have ever seen it to the median price of existing inventory. 

Alot of factors to consider in terms of rates but Id say par for the course in the conventional space high 6's