This is a great way to get the guidance you need and put you on the right track.

Most likely a smaller regional bank or a credit union. 

This is why the bank's background check focuses so heavily on your credit and income  when getting a non owner occupied residential loan and they are rather loose looking into you when you buy a large commercial property. 

The only folks dodging all the LLPAs are folks with good credit putting 40% down for a primary residence they are purchasing that is an SFR.

Hi Ming,I was going to use a home equity line of credit for the down payment.

So, with a foreclosure 6 years ago, hence still on credit, what are the best options for getting equity out of a rental house that currently has no mortgage?

He and his wife have a high combined income, but they have some credit issues that may disqualify them for a mortgage today.

Back then, I was really young, I had no money and I had practically no credit so at that time, owning a beach place was really just a pipe dream.I found BP more by accident than by anything.

Do I work on paying that property down and using a home equity line of credit for my next property?

At the time of purchase the buyer is credited with the deposit and rent premiums, which they lose if they do not complete the purchase or are evicted for violating the lease.Do I have that right?