This application may not be considered eligible for evaluation if it contains blank spaces or incomplete information. 

if you think there is more equity there you could have an appraisal done… but some lenders will not re-evaluate a recent purchase for a set period of time… they will just stick with the old purchase price as its value (varies by lender) unless you can show significant improvements you did to justify a higher price. 

It also requires the ability to evaluate the party on the other side of the transaction, making judgements that go far beyond credit score or balance sheets.  

The intent is the sponsor needs to know enough about investor to feel comfortable the investor has the financial knowledge and acumen to properly evaluate the potential risks and benefits of any investment and the financial stability to invest capital for a 5 to 7 year period.Topics of discussion with sponsor would be:Income, credit, job stability, prior investment experience either with real estate or other asset types, education level, occupation and profession, amount of savings or funds in retirement accounts.Hope this helps.

Make sure you consult an accountant that understands current real estate tax law to evaluate the consequences of both scenarios.Everything else Jaron said is 100% accurate and this decision depends on what kind of investor you want to be. 

You can read the rules for any problematic conditions.I've evaluated a few of those properties but have not bought them.

The plan I am evaluating is, and this may work well even with a very high HELOC rate, since we need to fix a few things (renovation) to take the opportunity of having a mess in the house and go for a bigger renovation that will include an addition and overall change of the front of the house.

Property management is an art not a science and requires someone with experience and intuition that knows how to evaluate the total picture, not just look at a credit score.

If the HELOC amount you're requesting is relatively low (often below $100,000), lenders might waive the full appraisal.Drive-By Appraisal : Instead of a full interior inspection, a drive-by appraisal involves the appraiser evaluating the exterior of the property only.Desktop Appraisal : This type of appraisal is conducted remotely using data and photos provided by the homeowner or real estate agents.Based on the little knowledge that I have about stuff like this it sounds like you need to connect with existing lenders in your network or find new lenders in your network that have programs aligned with your goals.

Schedule a call with me, and I will evaluate your website and I will help you.I am not kidding.