You can allocate those proceeds any way you want - as equal down payments or buy one for cash and others with loans - It doesn't matter a bit as long as you use all of the cash and purchase at least as much as you sell. 

The LTV of the loans I’d conservatively gauge at about 35 percent.

I'm a second year accounting student in Ottawa ON and I have been looking into sales on assignment as a way to real way to get into the felid of real estate.

Another pro for a HELOC is not having to meet a HML's requirements for a loan (insurance, draw schedules etc....)

If you Bank/Lender does not allow it you can refinace the mortgage into a DSCR or true Portfolio loan program. 

Quote from @Vince Scipione: Standard would be an FHA loan for your situation more than likely.

I've helped people with SBA loans to purchase real estate for a business, but for buying rental real estate, the DSCR loan is a much better option.

Hey Makani, you should check out DSCR loans, which are primarily for investment properties and focus on the property’s income potential rather than your personal income.

I ran my own custom proforma for a bank loan using the asking price that would generate a cap rate over 10% and CoC just under 20%.

Is there a pre existing loan with that bank with either of you?