Now we would like to release some of that equity to buy a rental property - but I don't have the credit score to take two dings, i.e. one for the HELOC and one for the rental mortgage. 

Also, would I be able to borrow enough with the new mortgage to rehab it or is that usually with borrowe money like credit cards and smaller loans?

Fortunately, I had reserves and we are able to roll some of these onto credit accounts. 

If there is an illegal in law, the SFH is considered a two unit in San Francisco and rent control applies. 

THe think is how to get a loan from a US institution, as a non resident non US citizen, cant seem to find information of who gives it, how much percentage, and how tedious is the creditation process.Will be happy to be in contact with you.

The 2 mortgages are affecting his credit and he wants to unload the first house.In all my researching of wholesaling I've yet to find out how a tenant affects the transaction.

I've done this on rental properties and got the line of credit in a week.

The issue is that flip transactions are considered a trade or business activity, and if a tax exempt entity like an IRA engages in a business on a regular or repeated basis, then there is a tax known as UBIT that applies to the gains from such business income.

The financing issues now: Firstly I have decent credit: 708, 703, 685.

In regards to question #2, really depends on your credit, experience, income and liquidity.