They are often located in desirable neighborhoods and are close to good schools.

Shop LTV (or cLTV which is combined Loan To Value, basically your first mortgage and 2nd mortgage combined loan to value), rates, payment terms, time to close,  and draw period (how long you can go into and out of your heloc). 

@Geovanni Cano sellers don't like FHA, it is meant for people with little money and very low credit score, plus you have an FHA inspection which can derail a deal a week before closing, nothing the buyer can do.

I just closed one for a client over the hill in Reno, NV. 

So most likely I will pay cash or close to it for her new 55+ community home and our budget is 450k max.

Not including closing costs. 

Whenever rates fall going to cash out refi again my Roger’s park 4 now getting close to 500k total profit off that one deal now. 

Quote from @Hoai Nguyen: When is closing?

As you know its near impossible to find a good cash flowing deal in CA due to sale price, taxes and lack of inventory.Last one I closed on was over off of Germantown Road it was a great 2 unit that needed a little TLC for $160K but passed an inspection and was livable.

He did respond to someone whose account was closed and their original post removed so it does sort of look like he is talking to himself.