Two more reasons to stick with individual mortgages:* Liquidity requirements - Let's say you have 3 properties with monthly mortgage payments of $5,000 each. 

Do you need to know how to find private money?

If I were to rehab it, could I refinance with a conventional owner occupied mortgage at the ARV in order to pull out my original capital?

Folks bought them thinking they were going to rent out every night and got mortgages based on those numbers and are now having a rough time, especially with the lack of snow this year we've had, which is the major draw for the area. 

I'd love to get in touch with a mortgage lender to see what do I need to get approved for this kind of loan.

A hard/private money will allow you to fund both the purchase and the rehab, so if the HELOC is not sufficient it would make sense to use this.

An FHA mortgage contingency gives you some outs and ability to negotiate and even back out of the agreement. 

@Mitrah Rasti The mortgage was given to both of you from the bank.

When underwriting some people would have the first mortgage listed and then a 2nd mortgage...the HELOC..., while others would take both payments add them together and list it as the mortgage. 

1) Late Fees: we charge 5% of rent, just like banks do on mortgages.