The condition was that a charge off Best Buy credit card needs to be paid.  

Not the ideal way to do business with a private lender, but we had a blanket agreement in writing that he was lending us money at set rate period for the time we held the property.Some option for funding when buying at a foreclosure auction:1) Your own cash is fast.2) Set up a line of credit with a bank using other collateral, maybe you own a couple of rental houses with equity that you could use as collateral. 

We also have good credit.

- Current tenants credit is shot due to a bankruptcy 5-6 years ago. 

This should build the LLC's credit but leave the home less protected as it is not under the LLC.

However, if you are looking to use it, pay it back, use it again, pay it back......like when you flip for example....then a Line of Credit is PERFECT for this. 

I use quickbooks online (I bet all the quickbooks softwarewill do it) You send them An invoice in there email , they can pay by check online, totally free for the check online but if  you forget to uncheck the box to allow credit card charges, then they will have the option of paying by credit card (3%fee deducted for you)Thier check paid online through quickbooks takes over a week to fund , that’s the only downside 

If you add some more details on the financials for the deals and what state they are located in and your credit, other BP folks can recommend some lenders for you potentially.

I was confusing a home equity loan with a home equity line of credit.

You have to have some cash, an entity and a decent credit score (over 650), but it's doable.