They also don't use automated locks and manually change the guest code every few weeks7)They have terrible response times when I reach out to them.There's a lot more... these are just a few things that are top of mind.

I’m not sure what the rules,regulations, restrictions are for renting out basements, so I’d appreciate some input from people who have done this before

Find a non-bank lender or broker who offers bank statements loans - this is literally the situation that these products are meant to tackle.

Sure there are people who have done it but like Joe mentioned above is why your rate on HELOC is probably higher than your first mortgage so you'd only do it if your balance is really low and near the end of your term anyway so you're just getting it paid off quicker (like the last 1-3 years of payments left) becaues you want to get ride of the monthly payment and improve your cashflow now versus later.

It is probably because Ally realizes you are using it for rentals.

Kyierris Miller here, I hope you are doing well.

Good afternoon, I just closed on a multi-family property (4 plex in an older home) . 3 units are rented, 1 is vacant and there is a shared common area for laundry.

Make sure you are given more jobs, are seen as being affiliated with the firm or investor and get them to set up a compensation structure where you are a stake holder in the property for your efforts.

I was under the impression that bank statement loans are an option for self employed

the first property I purchased was in Cleveland back in 2005 a single family that I purchased for  22k cash and i rehabbed it after work and on weekends this property was in the hood I put 12k in it put a tenant in and sold it for 79k to investor who an real estate agent referred me.