I've recently talked to about a dozen local banks and credit unions, and it was difficult to find one that offered a LOC on an investment property. 

For extra credit, you should refer them to a great listing agent and make the introduction!

But alive and well many places such as banks, credit unions, etc and it does not benefit the consumer overall. 

I don't have very good credit, but recently I sold my house and have a little over 200k in the bank. 

A real fixer in an area like that might be cheap enough for you to buy in cash and then use whatever short term credit lines you have available to complete the rehab.

Keep in mind in my case I have an 800 credit score, two rentals, and a primary home if that changes anything from the banks point of view.

you can, you would have to pay back the mortgage company the money that was borrowed. reverse mortgage is a lien on the property for the money that was used. almost like a home equity line of credit.

To do well in real estate you need money, credit and a good team (agent, property manager, contractor etc)

I also am working with Sam Sharpe on the loan side, but I had to put 20% down (my credit score wasn't great, so maybe your situation might be different).

However, I see many investors use credit cards as their emergency funds, but spread across enough time you WILL have an emergency and therefore you WILL use your credit card.