I bought these two houses that were next door to each other with a partner using hard money (3pts, 13% interest, and 1% extension fee every 3 months after the initial 6 month term).

A good lender will give you the time to review terms and ask questions.

Managing a property can be incredibly rewarding, but it does come with its fair share of challenges—especially with the recent shifts in Rhode Island legislation.In 2024 alone, 39 bills were introduced, and seven significant ones passed, including extended rental terms, mandatory fee disclosures, and other updates that every landlord should have on their radar.

It simply depends on your time frame, when you want to actually begin renting the property out short term, and what the loan terms are.

If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

Knowing your long-term plans can help you build a long-term financing strategy so that you are not just worried about purchase number 4, but also purchases 5 - 20+ (if you plan to continue to invest).I'm an investor and licensed mortgage broker.

Really only makes sense as @Chris Seveney mentioned if you have a solid, long term relationship with the seller and you are doing a very high volume rehabs

I'm pretty experienced in long term as I have 17 rentals already but I'm preparing an offer on a bigger multi family complex "32 units" so was looking for proper guidance.  

You may want to research the term ' Debt Financed Distribution' Which does have a tax implication for the investors receiving a distribution.

We went back and for and have agreed upon terms verbally.