While I do what he has done, I also have had one or two people try and apply anyway.

The rest of it may not apply now.

I then chose erentpayment.com because it applies the late fee automatically if the tenant is late and they will report payments to the credit bureau to help tenants build their credit.  

Using  the 50% rule applied against the monthly rent of $4,800, your net income would be $2,400 per month or $28,800 divided by $667,500 equals a 4.3% CAP rate. 

I am new to real estate but I currently have a large amount of free time so I am applying it to reading, listening, and watching everything I can on real estate with the goal of applying my education and background to the field!

Conventional lenders will normally apply the same ratios (LTV, FICO and Debt to Income) as when you purchase your primary property, now they will just add the second home amounts to the first home.If you don't have the income or the cash, you will need to use non-conventional lending, such as private or hard money. 

I want to obtain a HELOC to have funds for investing purposes. I shopped around with 3 different lenders and found they pretty much provide the same product/credit line (80% of Property Value - Existing Mortgage = HEL...

Buy them the first 32 ounces of concentrate that comes with the measuring cup, show them how to measure and apply, and tell them they will have to buy the next container of RoundUp.  

That includes Fannie and Freddie, FHA, VA, USDA and HUD programs, the same will also apply to insured banks and credit unions on loans that are held in portfolio. 

Is there a sort of checklist of docs/information that is necessary before applying to a lender?