Banks look at the last 2 years of income to see if you qualify for a loan, not sure of your income in that time but speak to banks in your area to find out.

Speak to a local bank, they usually look at your DTI and see if you can qualify for a heloc.

These tenants could certainly afford a traditional hall/facility but chose the open space & kept the $$$ down.

If you go all cash or hard money then you could use an LLC.If you're doing rentals and borrowing from a bank, you should do a partnership agreement so that the down payment doesn't appear as a gift.You'll need to weigh your options.

Most banks will work from NOI, but expect you to set aside part of the profits for Cap Ex. 

@Akhil Viz be careful in that zip code - some decent pockets of areas but there you can be on a street where everyone is a meth head or the next is some 40-60 yr old blue collar workers taking care of their homes to more crime ridden areas.Definitely is not an area to bank on any appreciation but you can cash flow if bought right and you get in a decent area to attract decent tenants unless you want to be slum lord.

Assuming your are looking at 2-4 unit buildings, non-owner occupant, I would recommend talking to Gulf Coast Bank.  

She owes 375K to the bank.

Some banks will buy the credits from you, reducing your all-in costs.3) If gutting, be sure to decommission any central utilities (boiler, etc) and separately meter the units.

In this case would a HELOC plus liquid assets be the best way to finance the 20% down that will be required for a traditional loan, or does anyone have any other strategies they have used in the past.Any and all pointers would be greatly appreciated!!