Rates will be 10-13%, depending on the terms.A HELOC can be a good tool to leverage your equity for a down payment without touching your current low-rate mortgage.

Getting $235K in Maple HTS is a hefty price tag unless it's a brand-new build.We've managed to bump up low appraisals by $20k in Maple HTS, but it really depends on the specifics of the deal.     

Anecdotally, from searching Wake County (WC) NC records, defaults remain at near all-time lows, and I see this market (foreclosure/pre-foreclosure) as an opportunity not worth pursuing.

When doing this strategy you will can put down as low as 3.5% -5% down.

@Thomas Loyola you haven't addressed the Class of property you intend to buy, so your assumptions could be too low or too high.Your biggest challenge is you are assuming you have to pay asking prices!

Many don't qualify for low down payment/FHA for a variety of reasons, especially the ones sub 200K. 

Usually for first timers and low down buyers the underwriting is a little more simplistic than traditional buy/hold investors purely seeking yield. 

Quote from @Bruce Tieu: Quote from @Bonnie Low: It's easy to get ahold of the planning department for the particular city or County you are in.

What is the strategy to refinance the properties if the interest rates do go low moving forwards.

Do your management deals give you your large stake with zero or very low capital of your own in addition to a management fee?