I bought a primary residence last October that I planned on renting out come this October (next month) and would love some advice from more experienced folks on my next steps, because I came up with a few options. 

@Michael Upson is this for your primary residence or an investment property?

Hello BP,Recently, I decided to move out of the house that was my primary residence for four years and make it a rental property.

Mortgage application activity has already seen a bump as primary mortgage rates are nearing twenty month lows around 6%, FHA in the very low 5%'s (and I've even heard of 4.875%'s floating around..) with DSCR rates now in the low to mid 6%'s depending on credit profile. 

If you have a primary residence you can get a HELOC for the down payment.

With out of state investing you do not have the option to move into your next home as a primary residence to get a lower interest rate (it is a significant difference) and put a lower down payment (as low as 3.5-5% on a primary residence vs 10% minimum on a second home or 20% minimum on an investment property). 

Primary mortgage rates aren't terrible currently, hovering around 6% and a quarter, depending on the borrower, so I wouldn't let this stop you from taking action.

I know GPs that pull HELOCs on their primary to contribute as their skin in the game to a syndication.  

Are you seeking helocs on investment property or primary residences.?

i use for primary , ADU and STR as well.