Personally, I would prefer to use the HELOC approach.

Out of all the tools I would personally suggest Pricelabs for sure.

Hey @Jacob Kurian - I have personally used the FHA loans several times here in Chicago both as an investor and many more as a general contractor.  

Sometimes it’s the VA that asked the question first  and then the person they’re marketing for comes on the thread and answers the questions to promotes their services.

What resonates with one person may be different than another.

Here in AZ you can look up the personal representative as they are appointed.

Would the person who takes on more labor to repair the property have greater preferred equity or is this usually treated differently?

I personally hate them and think they are little more dust magnets but will add some if crucial. :) 

I also use business lines of credit from banks, but for this banks definitely want to see revenue (usually 5-10x the amount of a mine they will give you).It is important to remember though that just because these lines and CCs are not immediately reported on your personal credit report, if you miss payments or default you are personally liable and the debtors will add it to your personal credit report.

Personally I prefer homes around that median price because that's where the most demand will be not only for owner occupants but renters as well.