The formula is:Purchase price (or last appraised price, whichever is newer) x 4 or 6% x millage.

Local to me there's a regional bank doing stated income and no appraisal HELOCs @ 75% CLTV or $100k, whichever is less.

First and most importantly is a thorough education on whichever market you have chosen.

However, if the foreclosing bank is the high bidder, they only have to pay 1% of the original mtg, or 12 months of dues, whichever is less.

I guess I'll have to wait for whichever comes first.

I can see scenarios in which I wholesale or rehab whichever is appropriate, while looking to build towards rentals. 

The language for the loan approval in the contract basically just says the buyer has to make a good faith effort to obtain the loan commitment within 45 days of the contract or 5 days before losing, whichever is earlier.

The floor area for an accessory dwelling unit shall not exceed 30 percent of the residential floor area of the primary dwelling or 600 square feet, whichever is less, and minimum area of 150 square feet, or as specified in Section 17958.1 of the California Health and Safety Code.6.

Likely they will only lend 80% of the appraised or purchase price, whichever is less.

Why not both take their referral and find your own and compare them and pick whichever is better, some agents have hidden gems others well.... don't3.