Did you find it difficult to obtain the HELOC?

When helping my clients with their tax returns and bookkeeping, especially when they have real estate properties, we usually obtain the land value directly from the county assessor’s website.

I'm not sure what the steps are from here to obtain financing and would love any help.

Most “Gurus”, authors, advisors and experienced real estate investors preach obtaining seller “carry back” financing for property buyers in order to (1) obtain financing when they don’t qualify for a 3rd party loan (2) obtain financing when the property doesn’t qualify for financing and or (3) extend the “buying power” of their capital contribution (down payment) to purchase a larger more expensive property by having the seller provide a subordinated mortgage loan.That’s all and good, but why should the seller agree to finance the purchase of his property, instead of getting CASH for his equity?

I think it will be lucky to obtain $120k rent this year

It's easy to obtain, costs very little, and doesn't require extra, on-going effort to maintain. 

@Su Pak- thanks ...terms  seem high and cost seems  high for a DSCR loan .....are you not able to obtain conventional loan ?

I obtained a commercial loan that was a 1 yr interest only and required 25% down which I borrowed from my step father to be repaid after closing plus a $5000 payment.

Can someone guide me where to apply and obtain a license to build this basement unit to an official unit with its address, electric, and other amenities?

Seems like my area is allowed to do STR and I was able to obtain where to contact to, to make sure what I found is accurate.