No refi at all both have 2nd HELOCs but are purchase money as they did 80/10/10 on both.

I thought okay..that sucks but maybe after a while I can go to the bank and get a HELOC.

Then I could be getting a big heloc to buy more rehabs.

Instead, keep the 1st as a Sub and make sure you have in your Sub2 addendum that the seller is NOT allowed to take out a HELOC, Instead, YOU take out a HELOC as a 2nd considering HELOC's are much easier to qualify for and it's like a checking account that you could use in the future like, buy a few more houses Sub2 or even more importantly, if you take some money out of the HELOC and store it away safely in case the 1st calls due, you can use what you put away safely as a down payment for a conventional loan paying off the 1st/HELOC.

No seconds, not HELOCs.

Was the second an HELOC, or is it purchase money.

Do you have an HELOC?

Since it is an HELOC, it is doubtful that they will settle for anything less than 10%.

Do you have other properties that you can get a HELOC loan on them and use these funds to purchase the property?

I do know that there is a HELOC involved that may be causing a need for a higher price than justified.