HELOC's are just products of the individual banks that offer them, so each lender can come up with their own rules. 

out here.. it runs about 100k a door for the dirt.. so most rental product is all bigger class A MF.. where you can spread door cost over larger amount of dirt..

@Michelle Martin if you know the product you need but just need it in a specific state try posting in that state forum.

The biggest catch is that you have to trust your property source and you have to really focus on the right product.

To name a few that we've seen...10% down P&L, Bank satement & 1099 loans up to $3,000,000 : these are products that require no tax returns to qualify, these can potentially provide much more leverage to  self employed buyers3.5% down jumbo loans up to $1,500,000 with NO PMI.

Lots of options on house hacking and you can get fantastic low-down loan products (granted the property is in good enough condition).

@David HiteAs a stand alone product, what you are looking for doesn't exists to the best of my knowledge.

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Quote from @Changseok Kim: @Miranda Holland YesPrivate lenders oftentimes have products that fund vacation rentals.

This is helping me realize I need to learn what a 1007 is as well as more details about the specific loan product he was referring to.