For reasons cited above, renting out an illegal (without city approval) unit in the basement with physical limitations, such as poor fire egress, is a fast way to the poor house, when you lose the property to fire, or the jail, if someone is injured or dies. 

Two years ago lawyers were approved to have citation served by social media, so my proposal is not far fetched as you might believe.

Will banks (big and community banks) grant the HELOC loan or will they require I have current W2 payments before approval? 

I quickly went to work looking for a hard money lender and was approved for $295k to purchase this house.

I quickly went to work looking for a hard money lender and was approved for $295k to purchase this house.

I need bank recommendations.I've reached a deal with a seller on a home, and after looking at 1 of my approval letters more in depth I realize they want a ridiculous 9.6% of the loan amount in closing fees.

That made us take a look at not the greatest number of leads but which sites provide the most approved tenants for us, and it wasn't zillow by a long shot.  

I've been doing research about starting this process and found out that I need my lenders approval to rent my home.

But unsecured loans, such as personal loans and credit cards, aren't looked on as highly as secured loans like the ones aforementioned.I don't yet have a real estate loan, so I could never reach my highest potential credit score But i'm working to get my dti down through my current service business to get approved for an FHA. 

Once you establish your lender and get terms in writing for the initial purchase and rehab loan, (most Hard Money lenders only require a few bits of information such as property address, purchase price, Rehab amount,  ARV, FICO, cash on hand and experience level), request a pre-approval letter and make your offer!