I would like to use a HELOC for the down payment for the property and I only have a few thousand is savings at the moment.If I'm buying a property for around $80k-$100k that cash flows $100-$200 a month after vacancies,repairs,etc then based on the above what do you think my odds of being accepted are?

Or have you thought about buying a property where you are able to afford the downpayment and keep the cash flow for yourself?

Base on these and the current mortgage it should cash flow about 100 per door.

Fully landscaped yard maintained by the HOA.Down Payment: $0.00 Loan Amount: $203,000.00 Amortized Over: 30 years Loan Interest Rate: 3.625% Monthly P&I: $925.78Monthly Income: $2,200.00Monthly Expenses: $1,949.20Monthly Cash Flow: $250.80 Pro Forma Cap Rate: 4.97%NOI Total $14,119.00Cash Needed $4,000 Cash on Cash ROI 75.24%Purchase Cap Rate 6.96%

You are better off sticking with the opportunities that are going to start flowing in Houston, especially since you are local. 

You can 3 - 4 times more cash flow in other areas.

All gains and expenses will flow through the IRA. 

This is important because, in theory, you are only buying homes that have positive cash flow.  

To invest in better areas you should be looking at properties in cash flowing markets in the $80K range and above, preferably with at least $850-$900 rent IMHO.

Should we have a joint bank account separate from our own strictly for the REI business to keep track of funds and cash flow recycling and etc?