Most of the time the seller was either going to pay off high interest debt - like 19% credit cards, or invest in a greater investment opportunity.So, considering all of this, why do owner financing deals get made?

Although not classically thought of as Midwestern have you also thought of Tennessee and North Carolina?

Don’t pay a coach don’t get sucked into spending credit card money on dreams and promises.  

Last, there are a ton of unsecured loan options for you if you have decent credit (usually 700+) and low credit card utilization (under 30%). 

You are asking the classic question in the MTR space: how does one evaluate what could be a good MTR.Unfortunately, MTRs are at a point similar to where STRs where 10-12 years ago, and there really isn't a one stop shop source for great data.

They shouldn't have to fill that out twice.The intro letter should provide all your contact info, maybe a couple of your business cards so they can stick one on their fridge.

However, if this total income number is negative it will count against you like any other liability would (think car loan or other mortgages with no rental income or credit card min monthly payments/etc) against your DTI.DTI is typically maxed out around 45-50%, so half of your monthly figure so if you make 10,000 gross per month your max liability at @50% DTI is 5000 a month max payment.

In 2020 the house was 75% done and I had to re appraise the house and get a new loan to pay off all my credit cards, personal loans, etc.

i get cards, calls and texts every day from wholesalers for my little portfolio - so that shows you how much competition there is out there.it's also tough to do as a beginner in real estate, because the best wholesalers surface strong deals and know how to estimate a rehab.  

But if you are already worried about paying back that HELOC out of the property you buy, you are creating a house of cards from the start depending on how good of a buyer you are.