Lining up funding before first deal, help with steps

[Lisa Maturo]

I am hoping to use a HELOC (or home equity loan) for down payment and conventional loan to fund my first deal. Still looking for the right deal, but I want to get my funding lined up and ready to pull the trigger.

I'm wondering whether to apply for the conventional loan first, then the HELOC? How does one versus the other affect my credit and eligibility? Trying to avoid too many inquiries or negatively affect my credit and debt to income ratio. I have good income and excellent credit so I should qualify. I have a paid off rental property (first investment from 8 years ago) that I will either get the HELOC on that or I might use equity in my primary residence as I have about 100k in equity on that. From what I understand the rates will be better if HELOC is done on primary residence. What would you do for funding first deal with these options and what would you start with applying for first? I should have 10k cash soon to save toward either down payment or reserves also.

I'm also exploring the possibility of FHA loan and living in it a year, while fixing. The BRRR method is appealing. I thought about trying to find a multifamily to do that with but none are in areas where I'd want to live myself! So I scrapped that idea.

Anyway, thanks for your thoughts. I'm looking at investing in Phoenix area, Cape Coral Florida, Tampa (I like SW FL and my Mom is there), or possibly midwest. I know ideally doing my first deal close to where I live would be best but I'm just not finding anything in Arizona right now that looks like a good enough deal.

Thanks for any guidance!