Next I stopped at a yard sale and found out the guy was in preforeclosure unforutnately he didn't have enough equity to fix the house enough to sell it or rent it and no margins for my offers.the last one I just would like some imput on the details are one mortgage for 100,000 that he was behind on he also had a heloc for 21,500 payment for martgage was 770.00 heloc was a balloon he was just paying interest of 66 dollars (don't know when it ballooned) he had the banks evaluation of 140,000.  

Being that it's cash-only, I'm looking to pull out some equity ASAP after closing.Does anyone know of any banks or credit unions that don't adhere to the usual 6 month seasoning for HELOCs?

A lien on a property would be the mortgage, typically occupying first place secured by the property, but others could be a HELOC or construction liens.

For HELOCs is DTI calculation the same on how they view rental properties?

I would get HELOC's on both and use that money to continue what you have already started doing.

Also, I read in different forums that LOC (specifically HELOC) will take a hit on the credit due to debt to credit ration.

All that being said, one danger of investing using your Heloc is rising interest rates can hurt you.  

I like @Brent Coombs idea if in fact you did the heloc and paid cash for your current home then you knew exactly what you were doing.. and I agree with him simply put a mortgage on it pay off your heloc so you can then sell your condo... in 10 years you will be thinking what the heck was I worried about 30k for... but to each his own..

My refinance rate is about 1% less than the rate I was quoted for a home equity line of credit (HELOC).Cons (actually take these as pros for HELOC): I am taking the money all at once.

Over the last two years I have bought and renovated two properties in a neighborhood in pittsburgh that has seen intense appreciation and have built up something like 225k in equity.My current high level financials are: Own two properties, both mortgaged and rentedConservative total market value of all properties: 550kCombined debt on properties: 325kTotal equity: 225kMonthly gross rental income: 3.4kMonthly net rental income: 1kI bought both properties on traditional non commercial mortgages and I have an 80k heloc alll factored into the combined debt number above.