We are looking into getting a fixer upper and plan to rent out our original residence ( Zillow says we can get $2700 median rent in our area ) while moving and fixing up the new house.

My friend and I are planning to buy an investment property (My second his first).

The underwriter will just want to verify that you won't live in the property you are planning to purchase.

I plan to invest into smaller multi-family 2-5 unit turnkey properties.

For down payment, plan to need 30-40%.

@Jacob AndersonI've only used my HELOC for investing when I have a quick exit plan.

If you have a solid ARV AND a great GC / team that you trust to do good work, consistently, and can stick to the timeline planned, even with hard money you will still make money at 75 or 80%, albeit a little less than at 70%. 

P.S. - you don't care if you don't hire a professional photographer.3.

If you planned on moving out of a house and buy another property, as an example, you could pull a HELOC before you moved out and keep it as an emergency fund.  

That being said, I will preface this with the fact that I have a legal background, specifically with estate planning and asset protection as it relates to real estate.