I'm offended that nobody included me in in this conversation.

I would look FAR AND WIDE for someone to do an investment property HELOC -OR- go to a bunch of banks and CUs (including who you bank with now) to find someone to provide an unsecured (or secured if you have other collateral) LOC to get rid of the high int debt.

However, it is important to note that if a leverage you're looking for doesn't qualify with DSCR, it means that your cash on cash return is negative (because it means your NOI or Rent is lower than rent -in most cases).So if you want to maximize leverage and are less cash flow sensitive (okay being negative), then conventional makes sense.

It's important to keep in mind that everyone you hire is providing you a service - no one is guaranteeing you any outcome.

Alternatives include seller financing, a lease option, or using an LLC or trust to structure the deal while maintaining tax benefits.

Because it is an investment property, you would pay all fees, including appraisal.

I have clients (including myself) who invest here and out of the area.

@Greg ReeseMost small investors will benefit by having the LLC created in the state where the property is located at.Creating an LLC in a state like Nevada, Delaware, Wyoming may be better for the big players if items such as charging orders, business friendly case law, anonymity are important to you.However, be mindful that setting up LLC's in those states will add to your costs as you may have increased annual fees for annual LLC fees + registered agent fees.

Weigh out all of the pros and cons (including costs) and make the decision that's best for you.These are merely my opinions and may not be the best advice for you.

Do you have this included?