HELOC's are also excellent options.

Over 2478 sq ft.Market Value/ARV/Zestimate (low end): $58,000Asking Price: $35,000Total Rental Income / m : $1236FinancingDown Pmt (20%): $7,000Via 90% LTV HELOC (If I can get one, don't know if offered anymore)Mortgage: $28,000Mortgage Pmt / m: $129.67Closing Costs @ 4% of Asking Price: $1,400Via 90% LTV HELOC (If I can get one, don't know if offered anymore)Monthly Expense Estimates (Other than mortgage)Property Management @ 10% of total rent: $123.60Vacancy @ 10% of total rent: $123.60Property Tax: $100Insurance @ 10% of total rent: $123.60HELOC Interest Only PMT @ 5%: $35 Monthly Cash Flow After All Expenses: $600.53Total Y1 Cash Flow: $7,206.33Paying off the HELOC:After 12 months, and basic improvements, get the house to an ARV of $58,000 (This was the Zestimate for the property on the low end of the scale).

We have most of the cash and are trying to get a HELOC for the rest. 

I realize that at that point most people go with a portfolio lender, but I was wondering if I could shuffle stuff around to open myself up for more conventional loans.I've read a few posts about it being hard to find HELOCs for investment properties, especially when over four mortgages, but let's assume I can find a lender to loan at 75% LTV.  

Among other considerations, I've strongly encouraged my father to keep a significant cash reserve and to apply for a HELOC – to be kept as an emergency line of credit, not used, of course.

Then got a heloc on that one, and bought second one, then got a heloc on that one and bought 3rd.

Dodd-frank does not like unlicensed homeowners being banks, but they will let you do at least 1.Lastly, try to do a heloc(home equity line of credit) and buy your next one(rent this one out).

When you get the back loan, then you can draw out some of the equity value in the house (called a cash-out-refinance), or you can possibly open a Home Equity Line of Credit (HELOC) and then use that, plus the mortgage, to pay back your family member.I hope that answers your question.

You can either refinance or you can get a HELOC. 

What if you got a HELOC on each property and could tap the equity when a fantastic deal came along.