I am using a HELOC on my home in Hawaii to put up the down payment but would like to buy multiple properties and stretch the heloc as far as possible  without using it for repairs if possible.Further is there anyway around the cash-out refinance (for cash bought properties without seasoning) restriction to only borrowing the purchase price of the home and not the purchase price plus rehab.  

No the 10K we were going to use for the down payment was all cash and the idea of using a credit card would freak me out. would it make a difference if we are using an FHA loan?

This is especially true when using a contractor b/c we are usually on their schedule, which can be a good thing to relay to the tenant.I am usually the one that does the work or I am present during any repairs so I insure the tenant we don't bother any of their belongings or have any use for it, just need to get the work done.

Do you think their would be any benefit to using a credit union for this?

I don't have a whole heap of reserves and will be using a ploc for down payment on this contract.

A mortgage broker is also versed in the myriad of loan programs offered by multiple lenders and can direct you to the programs that best suit your needs.As you mentioned in your post, the mortgage broker/company is offering you far less of a down payment, probably because they know which lender will be best given your particular situation, so this should reinforce the benefits of using a mortgage broker.Good luck!

If they can close once, they should be able to close twice - it's more profit for them.That said, curious why you are using a double close method?

Why not just borrow the money from her using a promissory note?

We also purchase seller financed homes using a 0% financing model.

FWIW if you search on the forum you will find discussions on purchasing using a HML and then doing a refi in 12-18 months to take them out.