Personally, I would prefer to use the HELOC approach.

Quote from @Michael Challenger: I have no qualms with hard money lending, but I need to learn more about the process and structure to these for typical deals so that I am more comfortable and in a position to reduce my personal risk and risk to investors as much as possible.

I would recommend targeting 30 day minimum rentals (Most associations are 90+), allowing 12+ rentals per year (most allow 1-3), and no in-person screening for tenants required.

I am looking at a 5 unit building that I want to do a condo conversion on. 4 units would be vacant 1 has a rent controlled tenant in there who does not want to move. I would owner occupy it so I don't know if I have a...

And this means you're going to spend some money on that person.

Referrals from local investors on BiggerPockets can be a great resource. https://www.biggerpockets.com/business/finder/agents@Mark Ainley sounds like a great person to link up with!

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Personally, I like to target 30% equity retention in each deal.- Section 8 income isn't guaranteed.

Take a look at Personal Property versus Real property coverage, plus clean up costs to make sure your covered.I would also look at covering your project from the Subcontractors. 

I would still use quickbooks to track the finances in that account snd all rental associated finances (we use it to track are personal finances also). by the way it is worth the cost of paying someone good with quickbooks to do the initial setup.