Even though the application of a cap rate on future income is improper, if you are determined to apply the 3% spread rule, you might find a lot of success if you apply that rule to capitalized income upon stabilization. 

You will be limiting your pool of potential buyers.If I were purchasing I'd really take time to figure out if the land and the location was worth it and I'd make sure that I could get a good rent and that I didn't have a lot of competition.I have a client who bought 3 doublewides a few years ago. 

When you start borrowing that much money through multiple HELOCs, the limiting factor tends to be DTI, not equity.

Well your really going to limit your pool of potential properties by doing that .

If time is limited, listen until the 23:00 minute mark.https://youtu.be/oHZIN_5bEUA?

We have a very good idea of the ARV and desired ROI, so we know what the limit of what our rehab must be. 

Since you wouldn't clear the pre-application portion of our process, I probably wouldn't rent to you since your lack of income would preclude you from moving further in the process.

@Kathy HacmacI don't allow any sort of painting.I've put together my apartments so that all the walls will need is a quick washdown with TSP, hole and crack repair, some touch-up primer (maybe), and another coat of colormatched Glidden Premium to come back to where they were before I rented out the place.The brick duplex that I'm currently renovating was custom-built in 1923 for an heiress of a prominent local family in the historic borough of Munhall, PA, just outside the city limits of Pittsburgh.

(Do commercial loans allow you to use that same loan, or do we have to resubmit another application each time?)

My limited exposure to treia meetings is they are one giant guru sellfest, which isn’t for me.If you’re looking long distance, feel free to hit me up, as that’s what I do.