We are good friends but that's also not an issue for them because they are a dual veteran couple.

I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range.

I also worked with a great lender who helped navigate financing options, including my HELOC, to make the deal happen.

Sec8 is the "Options Trading" of Investment Real Estate. 

You don't have to spend a fortune and buy a house directly on the beach to do well, but your starting price point for a viable option in this market is around $350-$450k for a solid 2-3 bedroom oceanfront condo or around $500k for a 3-4 bedroom house within walking distance of the beach. 

My current flip was bought from a wholesaler in a partnership with a builder friend of ours who has his own salaried framers, roofers, plumbers and electricians.  

There's zero reason to do this when there are plenty of options to avoid it. 

Financing options do exist: hard money loans, renovation loans, and some traditional mortgages can be used on distressed properties if criteria are met.

There are just too many options available to go directly to the supplier!

There are DSCR lending options in your personal name.