as Update to this post from 6 years ago, there are heloc's on owner occupied 2-4 unit properties up to 89.90% CLTV or combined loan to values (meaning multiple loans but all together not exceeding 90% of the value).Terms typically areinterest only first 10 years and drawable from the lineyears 11-30 its Principal and interest payment Prime index/rate + margin (this portion is fixed but prime is not)underwriting is done assume prime + margin + 2% stress test for underwriting meaning if your prime + margin was 10% then your underwriting rate used to determine your maximum line you can qualify for would be 12% rate as an example based on principal and interest payment over 30 years or 360 monthsIncome is the main determinant of your qualification and fico min 680+ is just the min score to get through the "front door,"Maximum DTI or debt to income allowed is 45% DTIMaximum lines on this product go from 500-750k so you can get a decent line size that can actually buy other BRRR's or fix flips and deals.

I would treat him as any applicant and determine his application (once submitted) based on that.

You can play around with an amorization table and make an educated guess based on the info found on public record.

Based on their website the standard payment for a 3-bed is $1,423 but that seems really high to me.

We will be sure to share the list of lenders we have as well that can help you accomplish your goals based on the lower down payment you are looking for. 

I would strongly suggest you expand your search to the surrounding markets.

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

I wanted somewhere close to Nor Cal but much more friendly tenant/landlord laws, 4th lowest property taxes in the Nation, rent growth, job growth, population growth, strong appreciation, limited land, close to Lake Tahoe, etc. 

An additional benefit of a detailed engineering-based Cost Segregation Study is that it can increase potential insurance premium savings as well as provides support for the property tax appeals process.

I choose the calendar year I pay in based on where I am with deductions for the year; if I'm already maxed on deductions I hold the payment until January; that gives me potentially double deductions that year.