HELOCs are usually variable rate and there may be yearly fees associated with maintaining the HELOC.

An interest rate that works for her. 

With fluctuating interest rates, tighter lending criteria, and increased competition for properties, securing the right financing has become a key factor in closing deals and maximizing ROI.Are you exploring creative options like BRRRR, partnerships, or seller financing?

That will be a determining factor for where it makes sense for you to purchase.Regarding waiting - bear in mind a lot of people were predicting rates in 2024 would be in 5% range or low 6s, which didn't turn out to be the case.

DSCR recently came popular in the loan brokerage and private credit space with the rise of STRs and MTRs.Your local bank lenders will have the best rates typically.  

diversification and cash flowSan Jose, CA has been very appreciation heavy... and i'm not opposed to keeping some property here, though the multi-family / commercial real estate has very low cap rates, and low growth from what i'm seeing.

There was quite a bit of unused land and the zoning gave me some flexibility if I wanted to expand various aspects of the property.Also the self storage units were all below market rent and the seller was willing to finance at a decent rate with a 5 year balloon.

This is not normal in a rising interest rate environment. 

Adjustable rate mortgage, 10% down.

Quote from @Tyler Kesling: Thanks for the insight @Randall Alan on how current owners and markets might react to the ease on rates.