I would love for you to provide as much information as possible, as it is extremely useful to me.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.

Communication is HUGE. - Being straightforward and honest is extremely helpful when managing tenants.

Hi Jason, For conventional loans concerning rental properties reported on your PERSONAL tax returns, underwriters will calculate your net rental income based on your Schedule E from your most recent tax return (using Fannie Mae form 1038), depreciation and depletion can be added back in to offset the expenses of the property.  

Now, I understand that HELOC should be used for short term financing purpose and I am concerned that I may have made a misstep. 

You pretty much validated my concerns with purchasing or rehabbing within certain Class standards. 

As for refinancing, it is generally possible, but evaluating the costs, including closing fees and any additional points, is key.As a side note, you are obviously concerned about interest rate, and this can make a difference of hundreds dollars per month, but I see clients with properties where the monthly lease is 2x the monthly mortgage payment.

What concerns me most is that statement: "I have yet to have a conversation with a seller"Here's the truth: It'll probably take talking to 50-100 prospective sellers before you even have a shot at getting a deal.You don't get to change that.You do get to decide how long you'll take to get those conversations completed.Reach just 1-2 sellers per week and it'll take you a year or two before you get a deal.Reach 10 sellers per weekday, and you'll likely get a deal within a month!

I am extremely interested in pursuing a career in real estate.

For us there is no perfect property to manage.I am more concerned with the owner.