The nice thing about Cozy is the credit/background check is really easy and the tenant pays for it with their own credit card.

Yes - HELOC = Home Equity Line of Credit. 

Think of it like closing out a credit card. 

I am getting ready to close on my first investment property and came across having to purchase 2 types of insurance in order to close on my funding from a fix and flip Line of Credit product. 

I assume you have a business credit card along with it, for business related expenses. 

As many of you probably know (and I just learned), proof of a consistent flow of income from the same employer for 2+ years is extremely important when it comes to receiving a loan (regardless of my excellent credit score and lack of debt). 

@Brandon CraigHi Brandon I'm going to be the first response here and the 'wet noodle' of sorts.Firstly, get your credit working for you. 

You should then receive a physical collateral file if not already an electronic one - Collateral file is a a file which contains all of the previous mortgage paper work including things like alonges, deeds, borrower personal information such as bank accounts and credit scores at the time of the sale, pretty much all the paperwork submitted, required at the time of the sale. 

There's many independent banks and credit unions in my area who no longer even write mortgages, they just refer their clients to big banks.

Credit/debt isn't really a huge issue, it's more our comfort level.