That "must have 2 years of rental income history on tax returns" thing is a hidden overlay.

Hello All,With 60k cash in hand how many rental properties (cash flow) someone can have in 12 months with very good credit history all that.

HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

If you did, they will abate his rentals and credit you.

@James BeaverKeep calling portfolio lenders (small local banks and credit unions). 

Neither is your DTI, etc.Lenders will look at your credit. 

I read people very well at times, and I don't like being right about this stuff.I spent a great many years of my life paycheck to paycheck, no credit, no money, around drugs, around addiction, around fraud, around poor money management and I payed very close attention to it all.

All I care about is my credit score, and know this place could go to auction soon. 

Tom Gimer can verify.....I believe one of the conditions for title insurance to buyer is that property taxes have been paid/credited at sale and believe property taxes are an exception not covered.

My credit is over 800, along with a strong financial background, so I am not worried about getting approved.