Low cost, possibly yes, but also possibly very time consuming and that has a cost.  

As the market evolves we've intensified our commitment to helping investors focus only on listings that are eligible for vacation rental usages and either; have exceptional existing production or high potential for rental performance.

The instruments needed for the transaction will be state specific which means you should have someone from California chime in with resources who can provide low cost documents (as these will be boiler plate).

I see HELOCs as low as 7.5%, so the difference is not that significant.

The thing that would deter me from this location is a background rate of appreciation of 3.12% and low school ratings.

The Lenders tab at the top of the site helps with finding lenders by product and location.

The carrying costs are low, but tenant was making partial payments by month 2.

That seem like a very low for a furnished rental.   

Sellers Get More MoneyWith wholesaling, sellers often need to take a low cash offer.

There are some very aggressive investors that refi into interest only products to free up even more cash in the short term - this can be much more risky though, so not recommended if you are not very experienced and have large reserves.