The plan was to utilize the HELOC as the down payment then getting a conventional loan to cover the remaining 80%.

. #3 - Have finances in order (i.e) is this going to be bought through conventional, cash, HML, etc.

Just hire a 3rd party company that takes care of this for you - worth every penny.

Since it was over 12 months with my HML, I ended up taking the property under my name with a 30-year conventional loan.

Quote from @Paige Seeley: @Jay Hurst even with 20% down, what non conventional options are you talking about? 

I inherited a partnership in a 22 unit commercial building with 8 restaurants, a grocery store, a couple of personal care services, and various other businesses.

So I'm basically trying to explore if i can borrow money in an alternative way than conventional loan.

As others have suggested, you could get a conventional or FHA loan if you want lower down payment options.

Frank, For a rookie investor with low capital looking to build a rental portfolio, the best strategy is house hacking: buy a small multi-family home with a low down payment (FHA or conventional loan), live in one unit, and rent the others to cover your mortgage.

Take that money (it's all tax free) and use some to buy a small multi-family using conventional or FHA financing.