I would think this would be similar in theory to a HELOC, no funds have to be transferred, but rather it is an obligation to do so in the future if actions are performed in accordance with the agreement.

HELOC (Home Equity line of Credit) are very tricky these days simply because appraising is tricky and the requirements for equity (LTV - loan to value) are vary.

More details will be needed to give any sort of better answers.Is this a loan or line of credit (HELOC)?

I don't care for HELOC loans, but might be an option with some lenders.

It's a conventional loan through USAA, who we've used before for our personal stuff (HELOC, car insurance, H/O insurance on our main house).

., a HELOC) would also trigger my ability to take the property via the quit claim.

Don't know the details of your 2 unit fixer (how much you paid, how much work it needs), and don't confuse me stating this with recommending this, but in addition to Jon's suggestions...HELOC on your primary residence (but it sounds like you have already hit your DTI (Debt To Income ratio).Personal Credit Cards.

Steve --Similarly I was looking toward making all-cash offers on REOs using a HELOC on another investment property I have, then rolling into permanent financing after fix-up and tenant lease in place.I haven't done this before and was looking for some guidance on the financing ins/outs of the cash-to-refi approach, seasoning periods to be concerned about, minimizing closing costs from transacting twice (title work comes to mind).

As we all know, many if not all loan products, not just including but especially on ARMs on HELOCs, home loans, credit cards etc are all based the prime rate when they adjust.

What do they owe on the property, including loans, HELOCs, taxes, mechanic liens, etc?