BRRR Financing Mortgage Options - Where do I start?

[Melissa Block]

Hello All, 

I just purchased my first 2 investment properties at auction in Louisiana and used cash. I will also reno the properties using my own money. I want to rent the properties out and get a mortgage on the houses to get my investment back out. 

Question 1: I was told I would have to own the homes for 6 months before I could get a mortgage. Is this true if I paid all cash? 

Question 2: Will I need to make a down payment to get the mortgage and pull my cash back out plus 20% more to give me more cash flow for future investments?  

Question 3: What type of financing should I consider? I went to the network section of BiggerPockets, and there are HELOC, Conventional, FHA, Hard Money, etc. I'm not familiar with all of these, nor do I know what type of financing is best for my circumstances. I'm looking for guidance on where I should start to understand my options better.

About me 1: I don't own my own home at this time. The market where I live is super pricey, so I have invested in another state to get my feet wet with investing, so the mortgages will be ones that I can get in a different state than I live in.

About me 2. I'm not a first-time home buyer. It has been less than 2 years since I sold my home due to uncontrollable circumstances.  So first time home buyer programs aren't an option for me.

About me 3. My goal is to build a portfolio using the BRRR methodology and position myself to where I can buy my own home. Moving to a more affordable state or area isn't an option for me.

About Me 4: I plan to attend my local Auctions so that I can buy my own home cash at auction within the next 6-8 months, reno it with my own cash, and take a mortgage out and house hack it. I need to position myself where I can buy a house, so the financing I use on these first 2 investments can't hinder that. (I hope this is possible).

About Me 5: If you are wondering why I didn't get these financing questions answered before I purchased the homes, it's because I'm new to real estate investing, and I didn't find BiggerPockets until last week, so I was maneuvering through this world with little direction and sheer determination. What is done is done. I can't look back now and focus on the should've. I have to focus on what I can now control. 

About me 6: I have a great credit score, and I don't want my credit impacted to the point where it will prevent me from my personal home-buying goal.  

Hopefully, this is enough information to help point me in the right direction. Thanks in advance for your time! I look forward to hearing from you.