The D/E may be too high, especially with where the market is right now, and they may want to see some you have skin in the game.

I would not want to invest in business that doesn't have a better plan than this or partner with someone who would contract before securing I suppose the seller has some skin in this as well having accepted an offer without proof of funds / financing  

1.If your HELOC permits, use it to satisfy equity infusion for the lender.2.You are trying to buy a property with no skin in the game.

-Jester BobbityTL;DR: I have ~$200K equity in my first (and only) multi-family.

If they find you a single-family home that you successfully purchase for $30,000 below market, you pay them 1% of the equity gained ($300).There are many ways to skin a zebra.

They have more skin in the game then you do.Make sure you get clear title.

In the eyes of a lender they want to see you have "skin in the game", and also that they are not overleveraging themselves or their borrower (you) in the deal. 

I did the dry wall, paint, new LPV flooring, new kitchen cabinets & appliances.

We learned that Baltimore has quite a few rules regarding the rental process, it's not as cut and dry as some other cities so it was a bit of a process navigating that system.

Hard money loans buyers defaulted because tenants did not pay or lending dried up and they could not refi and I had to take them back..