I am responding as a consumer not a STR owner we had one its lasted for us for exactly one tenant then we felt it was too much work for the return  on investment we do much better loaning money and buidling new homes than to worry about people goofing up our homes :)I do have some MTR you know fully furnished homes in Vegas and those are money makers for us top of the line tneants paying double the going rate for rent.

@Adam Newman yeah, not understanding your statements, "I have $50k plus about 7k in the bank" and "take out a loan and go in with 20% from the start?".

How much will be the interest rate, and terms of the loan. 

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

Can you be financially free, sure, consider if you are buying real estate you will no longer have stable income to get a loan.

Mfh is an unfair game because you need a partner to help you with the experience question when getting a commercial loan.

To determine price range, the first step is always figuring our how much you are pre-approved for; and that can vary significantly when you are looking at multi-unit properties because of the additional variable of rental income that can be included in qualifying.

yes, you could use the HELOC as a down payment on a hard money loan, and then the hard money loan for the rest.  

My first loans were at 9% .. 

Your personal loan has a 5 year balloon period.