Anything that meets or exceeds the 1% rule are likely to be cheaper properties that carry a higher risk with tenant clientele.

In some cases people decide not to do a cash out because the rate on the first is extremely low but even in those cases cash may be the wiser choice.Here are some issues with a HELOC - They are a liability, open end mortgage (basically a credit card) - They carry a ARM or Fixed Term rate set for 3/5/7 years with generally a higher rate then what you could get on a 30 Year fixed currently (Especially for the lower loan amount under $80K) Yes - they can hurt your credit because again its a open end credit card so when the balance gets above 40% of the credit limit it will have an effect of the credit score.

I canceled the lease signing and now drafting a letter stating we are unable to accommodate her request and willing to refund the application fee.

Home Depot and other places, have started carrying some very nice "looking" formica tops and they'll last a long time.

If that's the case, either lower your offer to $300,000 or try to get the seller to carry the additional $45,000 - IF - the numbers still work. 

Prior to closing get an estoppel letter from the tenants outlining the lease terms, deposits, verbal agreements.

I would fire your lender for giving you a pre-qual letter to make offers without fully vetting you as a qualified buyer.

I have carried back a second mortgage for my buyers, so that we'd get a lump sum and a small stream of income when we sold. 

While not real estate specific I found it a valuable mindset and template for planning and carrying out those plans. 

@JB Klein @Jamie Carr - I sent you both a connection request with a message attached.