Hi @Ashton Sharp,It's almost always a good idea to get out of FHA financing as soon as the equity is there.

If you're just starting out as a STR owner, you want to make sure your photos rock, you're providing everything that you have in your own home and make sure your guests are aware of it, charge lower rates at first, then after you have some positive reviews, start to raise them slowly.  

For instance, if I think the house is worth $80k and the mortgage being foreclosed on was taken out 2 years ago for $100k I just stop my analysis there because there is no equity and the lender will buy it back for more than it's worth. 95% of the foreclosed properties in my area still fall into that category so I can quickly narrow down the list.From there I do a physical drive-by.

Shop around and get the best rates, closing costs (if any), and % they can lend based on your equity/appraisal. 

There is no way to know what you need to bring to the table until you have their position.

Live in AZ.Purchased primary with decent cash down, remodeled and have comps to support a decent pull of equity into liquidity for REIs.Thank you in advance for any suggestions.Michael Vallee

Portfolio lenders can take a look at the equity you've built into the property and may lend on another deal you find.If you feel you've got your heart rate up and want to keep moving with less money down, look into wholesaling...

As it relates to a BK it depends on what position you are in.

And, as you found out with the Lodi property, in that price range they will require some sweat equity on your part.  

@Ramona Beyer,I agree with @Dani Beit-Or reply, the numbers make this a good deal, but however you have other due diligence that comes into effect to see if you should buy it (Location, Vacancy, type of tenants, etc) if you like what you diligence finds, then buy it.Now for your second question, i think determines what your interest rates are for you HELOC, if you would get better rates with a mortgage go with the refinance, also if your able to put some equity in the property you might look into a BRRRR methodCheers,Anthony