The representation has to be crystal clear (none) and additional documentation needs to be drawn up to document understanding by all parties.

If you go to the "tools" tab, you can find the House Flipping, Rental Property, & Wholesaling.I used the Rental Property Calculator to create my own offline excel document to run the numbers.

Make sure you have some sort of document outlining everything2 - Now.  

Closing documents must be signed last minute with little opportunity for counsel to revue (or so the complaints say).The only luck I have had is with local lenders posting with local brokerages.

There are certain requirements for the formation documents and the ongoing operations of the entity.Read more here --> http://www.sos.state.tx.us/corp/formationfaqs.shtml#LLC

Ask the HELOC lender you've found if 2015 taxes will be considered "validated" based on:1) IRS 4506-T request coming back with "not yet processed."2) Color copy of your stamped 2015 tax returns that you filed in person at the IRS.3) Copy of cashier's check for your tax bill that lines up with page 2 of your 2015 tax returns ("Amount You Owe") that is also stamped by the IRS.4) Bank statement showing the funds clearing your account that also lines up with the above two documents. 

The borrower gives an interest in real property by way of a mortgage or deed of trust and the lender gives the money and makes a note to document the exchange and plan of repayment.  

I stayed in my rented apartment while I began the process with the bank. it took 8 months to close and there was withholding of documentation by the owners in an attempt to sabotage my financing, and pull my earnest money. however, I was pre approved and had a good down so my loan agent contacted me about the issue.

My bank does a fully underwritten pre-approval within 48 hours so we are able to document exactly your DTI and maximum buying power upfront.

I also use fillable pdf docs that I created myself to document info as I "walk the house".