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.

I am interested in possibly utilizing a HELOC to reach my goal of buying and investment property this year.

If you are tied in to 15 years your best option is to pull out as much money as you can with a HELOC when you decide to rent it out.

Letting me use HELOC for dp, crediting 75% of current rents to my income, and will lend up to 50% DTI ratio for investment properties.

The bank will take 4-6 weeks to approve my HELOC and the I feel if I wait that long I will lose this opportunity.

@Josh BakhshiBrrrr is the idea by occupying the house for a year, rent it out and then moving onto the next one using HELOC or cashing out any equity gains.