I would like to use a HELOC for the down payment for the property and I only have a few thousand is savings at the moment.If I'm buying a property for around $80k-$100k that cash flows $100-$200 a month after vacancies,repairs,etc then based on the above what do you think my odds of being accepted are?

I also said, that I probably will save him 2 or 3 times that fee in my negotiations with the seller.

Maybe you should save for a down payment before jumping in or look for a more affordable property or property in another area that is more affordable.One more thing: Know the strategy you want to use because that will affect your financing perspective.

You also need to let any savings you have sit as well.

Save it and sail it down the street next week when Irma arrives. 

I can't think of anything safer than a savings account.

What could have saved you thousands of dollars?

The mortgage officer will have all the facts....it's not a question of "legal"....if your banker allows it and you qualify for the loan....you'd be saving a little interest.

I'm 27 now, and think I have a shot at retiring before 35 through real estate.

Saved me a lot of work!