I count the ELOC payment against the cash flow of the new property and make sure it still makes sense.

We came to an agreement in December for the borrower to make all the back payments in January which they promptly did.

But if you have to get a mortgage loan to purchase a home, then make sure the mortgage payments are going to be less than your rents, and not a long-term loan.

you would have to live there 1 year and then refi to get down payment for your single family.Tag me if you have any questions.

Refi 75% of ARV for next dealMy first shot analyzing a deal in my county:$65k out of my pocket (43 for the house, 22 for rehab)Estimated $90k ARV= $67,500 cash return (assuming I pull out 75% equity)I receive about $850/mo from rent based on compsHELOC= $393/mo payment to bank (4.2% interest)$85/mo to property manager Meaning I gross approx $372/mo Zip code is 31904.

We pay for all of the utilities due to renting 11 out of the 12 units to a nonprofit organization in the area that places their clients and guarantees the rent payments.

You'll likely have to evict and make sure you let the mom know to stop sending payments. 

Bob,Does that include mortgage payment or only the rent minus taxes and insurance, also you said "purchase in the same year as the home I purchase would about if purchase the next year does 75% apply or I can use all of the rental income to report?

Commercial lending was still cake (even though I couldn’t refi my own home that I owned for 12 years l, never missed a payment, wasn’t looking to pull cash, etc)Tl:dr: stay away from 1-4 fam loans and you should be fine 

Remember, you can get a FHA loan with only a 3.5% down payment.