Cost me most of my debt to income and I had to drop some personal money but it worked out well.

I am trying to get a business line of credit using my EIN mainly to establish business credit..

Hypothetically speakings, lets say I have a bedroom on the main level that I wanted to rent, but my neighbors dogs eliminated that option, so I put the bed in the basement?

We're keeping LTV low, taking more term on our debt than we anticipate needing, and have a plan that focuses on bringing the old leases more in line with the current average rates.We also run Downside scenarios to see what the numbers look like if we're wrong about room to increase or (worse) the market changes and results in vacancy going up and rates going down.Those are not pretty of course, but a large part of winning is being able to stay in the game.

Re-use same funds from first property so No new Fees and no added interest on loan.Third Property:HELOC - Pay back debt.

My problem is I I have other debt that I have been working on taking care of.

Mainly on Oahu?

I got preapproved for a loan but I a lot of the properties need a little rehab mainly cosmetic.

Since they have no problem with money, and it is strictly their money, I would mainly go for higher-end flips. 

@Bharath Danda, main thing to consider is that the rent is likely to DECLINE over time.