----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Also if a unit is renovated then the rent can be increased by a considerable amount. 

(more legal fees, business fees vs. renovations).Research Points: §1.263A-1T§195(c)(1)Ervin E.

Does anyone know of a larger bank that does offer a HELOC or something similar IF it's in 3rd position? 

It could be some sort of skill set for renovations, design for furnished rentals, specific market knowledge, owner occupied loan products for a house hack, etc. 

If you have a much larger income then debt then it works. 

I have found it is beneficial to rent your smaller homes with the program and your larger homes (same number of bedrooms) in the private market.

-------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

.- Depending on your budget, do you want a small condo or larger residence?  

That would set you up and make it easier to scale to another or larger project.