I'm thinking about using a HELOC to acquire the property and then refinance to pay back the balance.

The goals you have and why you’re investing will keep you focused on the best strategy for you to build a balanced portfolio. 

Properties in areas undergoing revitalization are especially attractive for investors looking to buy low and achieve high nightly rates.Regulation-Friendly Market: Compared to many other large metros, Indianapolis has relatively relaxed short-term rental regulations, making it easier for property owners to get into the market without facing excessive restrictions or permitting hurdles.

Buy & hold investors may consider lower cost areas like Aurora, Joliet, SW Chicago, and others to get a balance of cash flow while still investing in a decent area.

Some lenders allow you to go up to 90% combined loan to value meaning whatever your balance on your first mortgage is plus the equity loan can go up to 90% of your homes value.

What do you suggest is the best entity classification to choose from for a new, up-in-coming business owner to get the best balance between liability protection and tax advantages? 

I am 100% confident that I will achieve financial freedom. 

Is it true that this would make it harder for me to get a loan from a bank for the remaining balance?

Many of my usual long term rental buyers have switched to fix and flips lately in order to build up their cash balance sheet more and wait for good deals to come. 

Our unique partnership model ensured that both Erika Gilbert and Partner Driven were financially aligned to achieve maximum returns on the sale.