I know people at the H/As locally and I think the decision here is they get fixed amount from OHCS (and local funds) and think more vouchers at lower rates is better than fewer vouchers for more. 

It sounds like a poor business decision but its very difficult to get cash flow in A class assets.

Really it's your own decision, but if you have zero money for a downpayment and your goal is to purchase an investment property now, a HELOC could be a good short-term solution. 

You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.There are over 20 real estate accountants on this site.

However, if this is a true "joint venture", all members must be actively involved in generating their own profits so the credit partner would also need to participate in decisions regarding the property such as which contractors to hire; handling issues that arise, etc. 

.: It's a personal decision for the PM.Personally, I apply income to "must-pay" charges first.

Id love to get some anecdotes from investors in the area so I can make a more informed decision.

If I had done that I would have made very different decisions on where I bought in Indianapolis. 

Curious to hear what drives your decisions!

If I was cash poor, then I would keep more in reserve since a large outlay could be catastrophic for the finances.