The property is in Northeast Texas and I am self employed so taxes don't show strong income but have good credit.

I'm looking for a financing product - not sure if it is really out there, but I would appreciate some contacts if you have any!My wife owns a rental that used to be her primary. There is some good equity sitting there...

The pre-approval is on your credit, income and liabilities basis.

(I am in the state of Texas btw) Basically the owners had a rental property and went credit card crazy.

I know it's possible with PenFed credit union to get a non-owner occupied HELOC with a reasonable rate.

Not having a permit for the renovations could potentially be problematic when you try to get it insured and if you get a really terrible tenant who is trying to avoid eviction they could say they're withholding rent because you're not in compliance with city code.

We have yet to ask for a background check and credit check, because we only do that once we want to move forward with their application.

We have a program similar to this at a local credit union.

I would assume this would qualify for the 30% tax credit, maybe not since it is for a rental; but who knows with the current state of our government.

Their off title debt is ~5k is credit cards and 10k car loan.So the borrowers will have negative equity in the house.