All utilities are at the street. 

It felt like a no-brainer for the value of the land, but being able to utilize a traditional mortgage because there was a clean yet simple 3 bed 2 bath house on the lot made the deal even sweeter!

I am estimating at least $50,000 between furnishing it and updating.How does this look:$1.3 million with 20% down DSCR loan buy-down the rate from 9% to 8% 30 year = $9,332 (principal/interest/tax).Utilities - $750Income - Was thinking $250 per day but let's say $225 per day for each unit (30 days) just looked at AirBNB and AirDNA in area = $13,500 (.20 vacancy) = $10,800.I would manage it, but still need to think of cleaning fees.

There won’t be a ton of supply, so you should be able to get an idea on locations and pricing fairly quickly.

Turn over cost when your tenants leave (check leases), marketing cost to add to the placement and monthly fees from PM, and utilities if those are provided by the landlord.What's your exit strategy?

I know that a ton of people will win with the approach you are contemplating taking - in taking a HELOC out for the down payment on an investment property. 

Utilizing the years of experience from the people on the forums will allow me to talk intelligently with a realtor, the property manager, the seller, and so forth.  

At one time, Southwest talked about operating out of the airport over by TSTC instead of Love field.

Let me know if you want to talk in details about more strategies to utilize your equity and congrats on this property!

The basic idea of having an appreciative asset that I could potentially utilize later in life in a multitude of ways is exciting.