Some other factors to consider - How long are you planning to hold this property?

Financing is important but your realtor will absolutely be the determining factor whether you purchase correctly or not. 

Quality pics are by far the number one contributing factor.

I’ve been in a similar position where I wanted to scale but equity was a limiting factor.

However, the suitability of buying and renting out a single-family home in Richmond can depend on various factors, such as market trends, rental demand, and property values (similar case with all markets, really.)Chatting with a local agent in the area can provide very helpful insights into the market, data, and specific neighborhoods.

I am waiting for a seller to let me in on any sort of motivating factor or insight that could help me put together a proposal. 

If scaling quickly is your goal, DSCR loans are a great tool for the refi portion since there’s no 12 month seasoning requirement like conventional loans, and DTI isn’t a factor. 

Factoring market conditions at the time of refinance, I negotiated a lower rate and conceded a lower term anticipating rates to normalize in the 4%-5% range by 2026.

To do this, they have a team consisting of an inspector, a makelaar, and renovation professionals.However, as Ken M. mentioned, having someone trustworthy there to manage everything would also be a key factor.

Also, factor in potential interest rate changes if the HELOC isn’t fixed.