Traditional financing is not an option, one reason is need to wait 7 years out of discharge, and my husband recently left the rat race and started his renovation business. 

Without going into details, there was some seriously shady stuff going on when we started getting invoices and comparing them to the draws.

On P&L, I want to see previous year if possible, then compare to current year, and focus on YTD actual expenses compared to YTD Budget - I then look at variances to see where the “leaks” are.

Both will allow me to see where the Sellers numbers compare.  

Generally a HELOC can get you a down payment for the property, but generally not a whole property, it would probably make more sense to get the financing for any rental traditionally as it will probably have more favorable terms. 

On a related note, I was planning on traditional lending with a 20% down payment.

Hi @Bryan Clark, I am a novice compared to most people on BP. 

Not as good of terms as traditional mortgages, but still leverage ability.

Get educated on the local market, look at prices, cost per sq. ft. and what finishes, lot sizes, etc. are so that you're comparing apples to apples.

I am unable to use a traditional cash out refinance due to unquantifiable DTI ratios.