They do portfolio lending, work with LLCs, will do cash out refi 80% LTV, and will usually do 25yr fixed!

@Jorge Rios stable properties usually don't have much value play.put a team together and make it happen!

Usually my mortgage payments on these HELOCs are less than $200 a year. 

We usually talk to the candidate to find out what works for them the best and hopefully it works for us as well.

Hey Arturo,Some usual pros; Can be below market value, Can be move in ready, Some usual cons; May need tons of rehab work, Might be bid up to above market value, Might be a common foreclosure area.These are a few.

Let's try to walk through your scenarios here | My responses in bold House hack live in one unit rent free | Very possible in some marketsMake $1k net per month | Usually feasible for triplexes and fourplexes in some markets, but you'd expect to have some value [Note: A deal like this are still out there, but are not the standard)Have 30k-40 equity after rehabbing the property | If you find a value-add play2-4 unit property | Yes, those you can find, no problem (market specific, again) Now, Mario, when starting out in anything (REI included) you have to be flexible and willing to sacrifice because if it were easy to get $1k/month, then a lot more people would be real estate investors. 

I wouldn't trust Zillow for statistics though because there numbers are usually very general and won't apply to your exact criteria.

there is a saying "it is usually the last key on the ring that opens the door" so keep at it!

That’s typically the first 5 or 10 years, during which you can “draw” from the available funds on the line of credit, then pay it back either in full or by making the minimum payment, much like a credit card.As of December 2017, the national average interest rate on a HELOC was around 5%, so a HELOC is a usually cheaper way to finance a down payment and closing costs on a new home compared to a cash-out refinance of a first mortgage.

Other then that:You will usually get two documents 1) An assignment of Mortgage and 2) and Alonge.