Another question that I haven't yet heard the answer to: Do local governments ever run out of HCV funds? 

Federal programs will require you to use GC/licensed folks for a lot of the work and they will get reimbursed by the institution that your loan is with; many GCs don't want to wait on the float time of requesting funds and getting them.Depending on the program and rehab/condition of the home, you may not be required to live in the home (think black mold remediation...bank isn't going to put you in a compromised position) however they may have min/max of when you need to move in.

Most states allow you to hire your own adjustor to come up with your own damage amount and then argue with the insurance company about.The insurance company will want to see the signed lease, proof of funds the tenant paid and confirmation the utilities were on and preferably in the tenant's name.

Somethings it even more expensive than buying a new construction in a class A neighborhood.The turnkey investments are not always the best option for every investor especially if you are just getting started and low on cash or you don't have reserve/emergency funds to deal with issues like maintenance and vacancies.  

If you're capable of getting funding from a bank, those terms are terrible.

Kyle, you can fund an entire acquisition with OPM (other people's money).

Do you currently have enough funds to pay first month’s rent and a security deposit?

Then without knowing your entire financial situation I’d probably prioritize getting that paid off over putting anything in a Roth or over and above an emergency fund in a HYSA. 

Use the HELOC funds for another investment strategy such as funding fix and flip projects.

Now your fully renovated home is getting top dollar rents, you could probably refinance too since rates are poised to go lower (lowering your monthly obligation), you could open a HELOC before you move with the extra equity and use that to fund your next deal and now you have 2 homes!