You need to have reserves in either cash or credit regardless of the situation. 20k can go away in a blink.

Once I get to a point that it is making enough per month that I feel comfortable taking money out of the business that would be when I get to the point that it is worth have a specialist assist me in all deductions, credits, and future items that will help me to transfer from a W2 to working for myself fully.

I have 880 credit score, decent savings, and no other debt except for 300K mortgage on my primary residence (worth $1.5 million).

But somebody could use a credit card fund the immediate need and then pay it back with the policy loan fairly quickly.

The most important rule is to have the cash flow of the new property be able to pay all its expenses, mortgage, AND the line of credit back.

Besides the obvious credit, background, and income verification.

Appraisals came back awesome my credit score came back 720.

Whether bank or credit union - either will work. 

It is like a giant credit card that you could do anything you want with.

You would want to look for an owner that has a loan through a bank or credit union or one that has no mortgage.