Consider long-term goals, market trends, improvements, tax benefits, and flexibility.

HELOC bank doesn't want their line used as a term loan on real estate they don't have collateralized and the bank that you apply for a loan for doesn't want your down payment to be borrowed.If you wanted to get the HELOC for home improvements then decide to draw on it for liquidity, had it sit in a bank account for a couple months and then applied for a MF loan and used it as the down payment, you'd have to answer no to the question, "is any part of the down payment borrowed".

If land is at a discount there may likely be extensive sitework costs - if you purchase an existing complex in a good location your improvements will increase rents/value with the opportunity for conventional financing. 

Given your situation, I think the best thing to do is 1) work on improving your credit and 2) look to house hack, preferably a duplex or fourplex where you live one unit and rent out the others.

@Lucas HannonTo prepare for a multifamily property investment, read books on real estate investing, network with investors, analyze deals using tools like BiggerPockets, stay updated on real estate news, improve credit, collaborate with professionals, understand Texas landlord-tenant laws, develop a strong investor mindset, and set clear goals.Good luck!

My question is will those home builders put pressure on that gas station owner to improve their business appease wise? 

Hey @Robert Schwenkler, can you mitigate this kind of issue by improving systems maintenance?

But I suspect most of these buyers believe the ARV is higher that what you do for the buildings they are buying and improving. 

Tenant’s failure to maintain any item for which Tenant is responsible shall give Landlord the right to hire someone to perform such maintenance and charge Tenant to cover the cost of such maintenancePremises defined in the lease as follows:  Landlord rents to Tenant and Tenant rents from Landlord, the real property and improvements described as: address of the rental property (“Premises”).1.

Looking for ways to improve my investment.