I just came from the bank to open a bank account for the newly formed LLC that will hold the property I am purchasing.

This is a very broad question but to give a general answer, the reason why they exist is to finance properties that won't fit the typical bank credit box.

Hello BP community,I’m exploring different financing strategies for my next investment property and am considering using a Home Equity Line of Credit (HELOC) as the down payment for a buy-and-hold property.Has anyone here successfully used a HELOC for this purpose?

@Li Kia   Some people are just extremely hard on property.   

Bank - used another property with equity to minimize my down payment to $5,000.00 How did you add value to the deal?

We'll be listing our primary home for rent in about a year, so adding value to that (e.g. creating a 5th bedroom), and then qualifying for an owner-occupied mortgage in our next city could be a good start. - @Michael Dumler Hahah it was time for a pivot away from my full time job in tech anyway.

If anyone currently MTRs in this area, I am curious on how you got started, how you run your operations, and how you furnished your property(own/rent) and what the cost breakdown might be for me to do the same!

I would definitely justify charging 1.5x the market rent for the inconvenience of not being able to move into the property. 

I currently own six properties in Indiana and I'm now looking to buy a condo here in Chicago for personal residence.

What you pay for the property, what you rent it for, who the tenants will be, etc.