I like to make more reasonable offers and negotiate credits during the inspection phase. 

. , If you take the money out of the equity line of credit ( it is not called HELOC if it is not your home), there are few treatments. 1) If you invest the money taken out in the investment or other business, the interest is deductible in that business activity, not at you rental activity. 

I bought & rehabbed a house from 1000 miles away using my personal credit line.

Tried a couple local credit unions and both wanted at least 2 years history for my business (which I don't have yet). 

It can be a great option, or it could be a terrible option - running your numbers as Michele mentions above will help you choose the right path.Many of us have worked with HML's, and as selfish as it is - I don't give out my best guys because they are relatively small and they might not have enough in their coffers for my next deal if they get too busy with other investors.Also many lenders work only with specific types of deals in specific geographic regions. 

You want clients that have credit issues.

I thought I could sell it to the renter but they have no credit.

I have a great credit score (above 800) and solid assets and I would pay far more for money than a conventional loan rate if I were getting money for any investment other than one that qualifies for a conventional home loan.If ROI is your goal then the implied goal is to leverage your money for its greatest return. 

Borrow from family, use credit cards, sell some assets, save. 

Screening - run credit - background checks?