My lender packaged and sold my mortgage, and when I called the new servicer to inquire about a HELOC/ Home Equity Loan they told me I wasn't eligible because of my short ownership duration.I am planning to pay for most of the improvements with cash I have on hand from my W2 job, but I want to get something set up in case of an emergency repair/ use towards other investment opportunities.

Do any DSCR lenders appraise on the basis of ACTUAL rent?

I would understand that if he was just representing me as the buyer's agent and not owning it 50/50 with me, he would be able to take 100% of that commission for himself, for providing that service.

Rates just dropped Monday after a bad 2 weeks so its a good time to pull the trigger.Multifamily rentals pay off in the loan run so its never a bad investment on a cash flowing property that will debt service itself and grow in equity. 

And the funds cannot be used for anything that is considered to be, or is actually part of, your primary residence. 

You can actually only put down 15% on a conventional loan to but an investment property but buying/selling to LLC does not get you anywhere or change anything. 

As of now rates can actually be in the higher 7's as well depending on the deal (FICO, property type, location, loan amount).

My actual cumulative IRR = 5.1% vs. about 15% underwriting.

So talking to people who have actually worked with them is important. 

It can service more debt- I have a very solid borrower profileThanks in advance for any input