As for getting a HELOC, it's prime + index (fluctuates based on the market), so to answer your question, if you are able to qualify by yourself, then it's always a better option to get a loan solo, then use your spouse's income as a backup for future investments. 

I did not invest because of that so no reason to file anything for me but probably good advice for anyone considering but my guess is that its not an option either. 

I'll add that for the cash option, you'd need 8-10% cap rate properties which, even in the Midwest, will likely be older Class C/B- product where there is greater risk of higher maintenance and delinquencies versus newer/nicer builds.

I definitely prefer this option as the whole point is to get built-in equity.

Im happy to send you some options

One option is to pay down any existing debts (credit cards, car loans, etc.) to free up income capacity.

Another option is to hire independent inspectors or even handymen whom you can pay a flat fee for every time they inspect your house.

Calling - and then there's this option.

Do you guys think there is an option to find a property in my price range that will cash flow in a good part of town?

Lenders also have interest only options that could help with cashflow especially on acquisitions to allow you to get the listing up, and have your listing gain momentum (some listings start off slow while they accrue bookings, reviews, etc.)