While I overall agree with you, there is a case to be made that premiums will start to normalize:Namely, major insurers pulling out of the high risk areas like FL and CA are limiting their catastrophic events.  

A general credit line, on the other hand, could be secured by other assets or unsecured, and doesn't necessarily involve your home equity.HELOC Characteristics: - Uses your home as collateral - Usually has a lower interest rate than unsecured credit lines - Typically has a variable interest rate - Allows you to borrow up to a certain limit, repay, and borrow again during the draw period - Can be used for various purposes, including home improvements, debt consolidation, or as an emergency fund While it's possible to use a HELOC for RE investing or rehab projects, some lenders may be hesitant about this use.

With limited multifamily properties in PHX, this is a realistic route that I'd recommend considering.  

@Vinessa EiseleInteresting negotiating skills.I have lenders who will allow seconds on DSCR loans, but the "seller financed" part is limited to 15%, whereas the borrower must bring at least 10% of their own funds to the deal. 

Land is scarce, development is limited by resources and decade after decade the millionires are kicked out by the billionaires..truly.Anyway, that's my view, it's a long term hold view in an idyllic spot that few people will be able to attain ownership in.

The lender may not otherwise restrict the homeowner’s use of the loan proceeds for any lawful purpose.Default and ForeclosureIf the borrower defaults on the loan, a home equity lender’s recourse is limited as compared to most other mortgages and loans.

I do have some money in savings that I could use for a down payment, however if I use only that money, I will be quite limited in how much I can spend. 

Maybe this is a bad idea but this is the only option I have available or see within my limited knowledge so far.

To reduce electrical calls, we educate our tenants at move in on flipping a tripped breaker and limiting electrical use.

I understand that Section 280A limits the expenses to income if the rental is part of the primary residence.