) The mortgage lender isn't able to give me a HELOC as that is given by banks but has referred me to a bank loan officer if I decide to go that direction.

Perhaps if a relative can get a HELOC and loan you money from it.

One strategy: take out a HELOC on your current home, then use those funds as a down payment on another property. 

I am thinking HELOC may be the best way to go but when I went to my banks WF and BOFA they made it seem like the process was going to be in line with a regular mortgage which I am hoping to avoid as its such a pain.

We will be using around $90,000 from a HELOC. 

All these "approval in 5 minutes" lenders online for HELOCS that offer 13% interest rates.........Is this the going rate for a HELOC?? 

If you decide to go with option 3 ("trial" payments) and declining 50K, then make sure you get HELOC that way you can keep your current rate of 4.1% and have a variable rate for the HELOC.

HELOC and private money How did you add value to the deal?

If I forget anything just let me know.I'm planning to buy and flip this house, it does not seem to be a good candidate to a rental.Asking Price - $80,000Purchase Price - $72,000Repairs - $22,000ARV - $120,000 - $140,000House was build in 1975, most other houses in the area that have sold recently and are currently for sale were build between 1970 and 1980 but are 75% or more all original.Loan for 90% of purchase price at 7.5%HELOC for for other 10%, closing costs and Repairs at 6.99%Taxes: $1250 per yearLocation: Western OhioSqft: 16593bed, 2bath, 2car garageInsurance: $300 per yearUtilites should be around $150 per month while holding.The deal looks pretty good to me.

Probably not.And, so long as the loan has no future advance feature, like a HELOC where any advance could be used personally there would not be a personal benefit.