I worked directly with my accounts few years ago, and nothing easy was there for REI.... hope they improved!

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. 

Anna,When repairs or improvements are made to rental property which is not actually rented or advertised for rent, the improvements are capitalized over the appropriate life of the assets.  

I truly envy your skills in construction - they will be invaluable in REI.Do you have any tips on learning basic home improvement / handy-person skills? 

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.