HELOCs are not available because they are residential loans guaranteed by individuals and what you seek is a type of commercial loan or credit line which are available to seasoned companies with proven financial track record.

I initially got a variable loan.

Cash out refi only if the rental income significantly exceeds the monthly payment and you want liquidity to invest elsewhere.2.You can maybe do a HELOC if you want a smaller loan that doesn’t involve refinancing the entire house.3.

You could use a HELOC, but with VA loans you have an allotment so you can get loans on more than one home depending on how much bandwidth they give you.

Your loan would be on a different property so no financing on the property you are buying. 

I rented to ACU students and used the rent by the room method.

Is there any sort of requirements for the student to be accepted into the program or does the 8K make you automatically accepted? 

I will secure the loan for everything.

I'd target areas near colleges or transit hubs for affordable properties, and I’d look into financing options like FHA loans or creative financing to make the most of my capital.

If you're a single mom with student loans, a car payment, and living paycheck-to-paycheck, then $20,000 would be devastating and a reserve is critical.