Lenders will need to make sure the property can debt service at 1.25 or higher using all property expenses, property income, and depending on the bank, your personal income and personal debt. 

If you're planning to use it as a true revolver, an equity line of credit is probably still the best option, even at 10%+, because use of the funds wont be constant.

Regarding the septic approval, my understanding is that systems are rated for number of bedrooms under an assumption of usage and per person usage.

Accepts 12 or 24 months of personal or business bank statements.

He is not in a position to begin lending money for several reasons.I assume the HELOC was made against his personal residence.

I am looking to diversify a bit and am seeking some solid Real Estate Debt Funds (REDF).Could any of you share any REDF that you have been satisfied with?

First person I met was the section 8 case worker.

Nice area though and properties probably will hold their value as long as kids go to school in person at a building/campus. 

Akron and Canton may cashflow a bit better but I personally don't see as much of long term growth in those cities. 

So, while taking into consideration the age and condition of the damaged item at move in and the time the tenant was renting for is a factor, I personally don't think using a strict IRA depreciation schedule makes sense.