As a borrower myself here in Southern CA, I have done at least 40 fractionalized notes with lenders and navigating through this process as a lender without experience (not sure what your experience is since it was not mentioned) can also be dangerous without the proper guidance.As David mentioned, $110k in CA is not likely enough to get you in first position without fractionalization.

First, you aren't permitted to borrow funds, unless those funds come from a piece of real estate, to purchase an investment property with a conventional loan (meaning Fannie/Freddie loans).

I can get 4% for 20 years - but I am unclear of a 'Prepayment Penalty": his 'contract'  :{5} Note:The borrower will be responsible make an origination fee PLEASE NOTE:this is the only fee expected to pay for this transaction to have your loan transferred to you as soon as possible by the bank transferring bank to your bank account, or which ever way you want your loan to be transfer to you If you fully agree on this terms and condition.Do you agree with the above terms and conditions?

I am still trying to decide which route to take, so any input would be greatly appreciated on your personal experiences, BUT my main question is this, and forgive me if it is a silly one - Can you get pre-approval through these loans (to ultimately find out how much I can borrow) without having a specific house for them to look at?

The lender took the lowest number for my income at 60s and said max I can borrow is 450,000 even though I only had 17 in write offs.

If it's unlikely or impossible to get a HELOC, what is our next best option to borrow against rental equity?

While I have never lived west of 75, I have sold and assisted clients in purchasing numerous properties all over the West side of Hamilton County.

Being able to borrow money at 3-4% for a business is very powerful and unique. 

Here is my situation - I own 2 properties outright that are positive cash flowing right now and I tried borrowing or COR one.

I'm looking for DC licensed contractor with 203k experience to assist with a SE DC Building that needs various work.