I ask for CURRENT rent roll, last prop tax statement, year to date P&L's previous years P&L's, recent insurance statement, previous 6 months utilities bills, property management agreement, & current rental agreements.Keep in mind that sellers can "fudge" some numbers to make the NOI look better.

Banks see cash out loans as riskier than just paying off someone else' loan.Even if you did a 70% refi based on the purchase value, you would get some of your cash out.Why not just leave it on the HELOC until you have enough seasoning to get back what you need.Had you paid $30K more, you would have established a value of $98K rather than $68K.

I have established credit of about 765.

I imagine much bigger name investors can get around some of this prequalifying but until you establish yourself you have to play by the rules and "polish your apple".

Have been re-establishing myself in the new area.

Make sure you aren't comparing apples to oranges such as the rents including utilities or some other concessions.

As a matter of fact, my highest paying tenant was evicted from her last residence.My target is to get 7 favorable responses out of the following 8:-- Credit check-- Employment verification (or some type of income verification)-- Personal references-- Previous/current landlord reference-- Criminal background check-- General court proceedings-- Eviction history-- Ability to get utilities in their own nameNobody is perfect.

Not asking for legal advice, but I am asking for a little guidance...I'm paying the utilities in a house.

Are all of the utilities separate?

The $1500 operating expenses are things like taxes, insurance, management (even if you do it yourself), maintenance, advertising, office expenses, utilities (even if only during vacancies), legal fees, evictions, damage done by tenants in excess of the security deposit, etc, etc, etc.