In that scenario, which type of HELOC woud you take: fixed, floating or internet only?

have you spoken to the bank about other remedies (covering it over with carpet or a floating floor)?

I am just not comfortable with floating rates.Hope we made a right choice!?

Sponsor essentially “buys out” investors.I have 6 years of property management experience, 2 years of putting deals together, managing contractors, maintenance personnel, financial analysis, good relationships with local investors.Example Deal (One that I've analyzed recently):Purchase Price: $14,200,000 Down Payment: $4,260,000 Closing @ 2%(Estimate from CRE): $284,000 Sponsor Acquisition Fee (1%): $142,000 Cash Outlay: $4,686,000Cap: 7.24% NOI: $1,028,080 Debt Service (2.6% Float/4.5% IO/4.5% P&I): $9,940,000 ($258,440 / $447,300 / $596,400)CoC (Float/IO/P&I): $769,640 / $580,780 / $431,680 CoC Return (Float/IO/P&I): 16.4% / 12.4% / 9.2% Preferred Returns of 6%: $281,160 Annual Bonus of 4%: $187,440 Splits (35/65) 11-16%: $98,406 / $182,754 ($281,160)Investors get a realized rate of 13.9%Potential upside in first 18 months is annual gross rental increase of $106,200 Feel free to eat me alive, I've got a pretty thick skin. 

These types of properties will be given the favorable terms of a 20 or 25 year am with a 7 or 10 year balloon and maybe a 6-6.5% fixed or 5.25% floating rate. 

I may need to float a question or two by your 203k mortgage contact in the future.

It sounds like you have enough equity floating around to have a very attractive rental portfolio, a great position to be in.

If I'm pocketing 10k-25k per property in option payments, this amount alone is enough to float the property for at least one year (or close to it), assuming worst case scenario and no other income. 

There are one or two lenders that just float bonds for the church which then get sold as investments to the congregation for their  IRA's and so on.Church buildings are sort of a single-use property....so limits its commercial Value.

Anything with a floating maturity date should be a non-starter.