I don't know squat about NY RE, but it sounds like these sellers are trying to exclude folks using HML, and look for only a) All cash buyers or b) HELOC buyers.If you want to play in this arena, and that is what is going down, I'd suggest opening a HELOC on some other property you own with the highest maximum credit line that your equity position will allow but a $0 current balance.Offer accepted, max out the HELOC, funds arrive next day, show proof to seller.Then you would use the HML to pay off the HELOC a few weeks later, if you'd prefer that the debt be secured by the subject property.

@Daniel Moctezuma I totally can relate to be scared about quitting the security of a long term full time job. 

I look forward to becoming an active participant on BiggerPockets and learning every day, making new friends, and building a portfolio of RE investments that will bring cash flow and more security for myself and my daughter in the future. 

Those that do occasional sales want to feel security in a profession that has none.The hustlers make the money.

I was able to secure a hard money lender, but having difficulty in finding a private lender.

Also I would need to secure funding, but have a small nest egg to work with and like I said we have W2 income with great credit, low debt/income ratio.

I personally would have a chat with the tenant about up-keeping the house and only ask for a monthly pet rent plus an additional security deposit (not a pet deposit) because of the indoor dog.

@Rob Smith - all great points above.One thing that I didn't see mentioned is becoming a private lender for real estate investors.IMHO - this is the fastest way to grow you limited seed funds.You can easily charge 1-5 points PLUS 12-15% APR for short term loans that are secured by real estate.I personally use a handful of private lenders to fund my wholesale business [I don't do assignments, I close on each property before reselling].I never pay more than 65% LTV and give the lender a Promissory Note along with a Mortgage.  

Legislative Updates & How They Affect Title to Real PropertyThis month 6 Feb our title company sponsor Martin Garcia, Vice President of Texas Secure Title will be speaking with us about the latest legislative updates and their impact to real property.

If you have limited or bad credit, work on strengthening your credit by getting a secured credit card.