The rental unit is not generating income yet so I could fund the business checking account from a personal account until there is revenue to pay the mortgage. 

If you want to factor in utilities and furniture for the house, it's about 9-15 months before everything is paid for with the profits generated by each individual STR. 

What I'm really looking for is a lender that will allow me to group my three rental houses together to generate a HELOC.  80-85% LTV would be great, but I'd accept less.Ideas?

I am in process of closing on my first MF house and recently received the initial closing disclosure. 

@Josh Stack -- I just saw your initial comments regarding the broker.

I like the opportunity because it is already generating small cash flows each month from the rent and is located within 5 minutes walk from the green line and 290.

Look on rentometer.com to get an initial idea. 

The borrower and the asset itself.Borrower:Your credit (are you a trustworthy borrower), are you capitalized enough to float this project/ cover the debt, track record (borrower/ contractors experience).Asset:Comps (as-is & ARV), LTV metrics (lender can help verify these if you have questions), detailed budget and scope of work, tentative schedule, exit strategy.Of course any lender/ partner will dive in a little deeper after the initial pitch but if you have all of the above ready for your initial conversation it will go a long way in getting deals approved/ partners on board.

Okay.The cost basis for an inherited property is when the property is initially received.

We have narrowed it down to a duplex in very bad shape, but have a contractor bid to rehab and add a studio in the attic.We have used the BRRRR and have great pos cash flow, even in initial rental.