It will cost you a lot, and usually HML doesn't lend you for more than 12 months.You can use HML for bridge loan, but there is always a risk of not qualifying for a mortgage and end up under the water.Seller finance is a one of your best options, but there is always a chance to partner up with more experienced investor.

Then there's always the chance that the zoning, if to be placed on private lo/parcel  may prohibit homes beyond a certain age and if its going to be installed in a MHC the manage may not allow anything older than 10 years. 

They fixed it and I went through a second closing on the same heloc.When your payment is interest only, you have a better chance to handle the payment on your own longer, also that helps you to survive during rehab.

What are the chances of being approved for a mortgage?

Even if you have 100k in equity An attorney is not going to risk tens of thousands in legal work to for a remote chance to get 33k contingency.  

While I haven't written off the PNW as a viable investment landscape, the cheaper market in MKE would offer me a chance to get my feet wet without jumping in head first. 

If you are a company with less than 2yrs in business the chances of you getting access to actual capital without a PG is slim to none.Alot of those companies "guarunteeing" credit upto for new companies are actually wanting you to apply for a **** ton of credit cards.Building business credit can be done quite quickly organically.  

This bottom 30% technically qualify, right now, but there's a decent chance there will be a missed credit card payment, a surprise down payment gift for an investment property (not allowed), or who knows what.And on top of that, probably only about 20% of real estate agents have the mental capacity to understand the advantages of the approach you suggest, as well (and this 20% isn't the top producing 20%, it's all over the place).

I dont know what the future has to hold for us, im just glad we took a chance.

I don't know what the future has to hold for us, I'm just glad we took a chance.