Just like your personal residence, the mortgage qualification will be based on your economic strength (income, DTI, assets, etc.). 

But if you were to do that, that new mortgage payment would also affect your DTI (debt to income ratio) and it may bump you out of the qualification to apply depending on what your current DTI is.  

cashing out as a regular refinance is usually the best bet after you've done your math to make sure you can still cash flow for 1; secondly you need to keep your debt to income ratios in line.A heloc is flexible in it's use but is typically interest only payments for the first 10 years and then converts to principal and interest thereafter for another 20 years. in that first 10 years the rate is not fixed, so it can be unpredictable and the qualifications are about the same as a regular refinance.Rates for cash out on your primary will be current market rates plus a little hit for taking cash out.

I did qualify for one of the mid income qualifications for my county according to the site guidelines.  

Pre-Qualification (Learning how to determine who is realistic or not) Presentation (Explaining to the Seller why your offer is a great option!)

In the case that you mentioned I would probably be looking to do a flip on the property.That being said I believe the value of the property will be rising in the next few years so that was the qualification for me.I would be interested to hear from someone who purchased a condo in one of these areas recently and how the numbers looked on the deal.

.#1 If i am making and all cash offer (in hopes of flipping it to an End Buyer) will i need a pre-qualification or Pre-appoval letter?

Also I list basic qualifications in ads.One thing I noticed when I review ads is that they list very generic requirements.

In Blake's case, where none of the networking members are charging a fee or earning a commission for the sale of the shares, AND there are less than 100 participating members/investors in their Limited Partnership LLC that will owns the real estate that they want to invest in - Then they are "just a bunch of guys in a room" and exempt from filing anything, because they are excluded altogether from the definition of "an investment company" and can rely on Section 3(c)(1) of the Investment Company Act of 1940.This is the exemption that many private equity funds and venture capital funds rely on when there are no broker-dealers involved, although they will also rely on Section 3(c)(7) which does talk about the investor qualification but no limit on the number of investors.As anyone here taken advantage of this exemption before?

Does their income and other qualifications meet your criteria for both units?