Refinancing my Duplex and preparing for the next phase

[Christopher B.]

I have a few noob questions as well as scenario specific ones. I am looking to refinance my duplex and set-up a HELOC/Line of Credit. After shopping around I have found a lender that has offered a 20yr fixed @4% and will offer a HELOC up to 80% LTV. Additionally, we talked about future properties and he stated they do portfolio loans that offer 5yrs fixed @ 4.5% amortized over 30yrs.

1. Are these pretty good rates or should I be shopping around some more?
2. How do I take advantage of my 4-10 FNMA "bullets"?
-What are the requirements a lender would look for to do conventional financing on non-OOC residential rental properties (most looking at 2-4 multi-units)? I have no debt outside of student loans but make a putrid $24k/yr (base + commission so it will likely end up being around $30k-$35k)) right now. Every lender I've talked with thus far has said no on this front so I was beginning to assume commercial/portfolio loans were the only/best way to acquire rental properties

I am trying to set-up the best plan of action and want to take advantage of the current low rates if possible via conventional but am unsure of the best plan of action. If I purchase and rehab a property for $60k and it appraises for $100k one would think I shouldn't have a problem obtaining a conventional loan on it or do I need financially qualify to cover each conventional loan regardless of the properties income stream? The current lender I am talking with stated they are only concerned about the income stream of the properties which is encouraging but I want to make sure I am moving in the right direction and taking full advantage of all opportunities because 30yrs fixed at 5% sounds much better than an ARM after 5yrs.

Thank you for any feedback, this community is fantastic!