The bank was going to require 100% of PITI to be counted in the ratio, even if prepaid as part of the loan for the year in which we intended to complete the flips.

According to how I interpret these bylaws is they need 67% approval of the homeowners and 51% of the banks to expand to the community and to deny future use of a common element.  

If you have 120k of credit you could access a portion of that (not all for investment properties, and you would probably need to look at local community banks.) 

Thanks @Irina Belkofer, I did manage to contact a local bank that has no issue lending to an LLC.

Very Knowledgeable&experienced in Michigan market, prompt response, and will not sell you anything for the money....Mortagage Loans: After benchmarking over 50 mortage banks.

I suspect they are not going to take any risk for a few hundred dollars in title and escrow fees so they will stick to their 2 year minimums.there is a company in CA I believe that specializes in insuring these..i checked into this on a lot I had in Charleston SC that I was having a hard time getting insurance for.. but when I read there policy it was clear .. no lender ( construction lender ) at least a bank would rely on it.. and I highly doubt a reputable mortgage lender would rely on that title insurance..

Make sure you learn and use it appropriately.There is some discussion about "velocity banking" where you use the heloc to pay your mortgage and it returns a slight advantage.

.- If you go with owner financing, you become the bank so you get paid every month but repairs, property taxes, etc... are no longer your problem.You know your personal financial situation as well as the condition of the home as well as rents in the neighborhood so you will have to decide which model is best for your situation.Good luck!

Reach out to the big banks too, US Bank just financed 18 units for me with decent terms.

Verify your facts; banks won’t typically sell properties during a redemption period.