He is invaluable advice, free resources and payed.http://www.themichaelblank.com/session42/ this is great podcast to get started and allows you to visualize attaining something in a relatively short time period.

I suggested her to pull a HELOC and finish the basement but she filed for bankruptcy and can't get any loans. 

If the ARV of the first one will be greater than when you bought it, you may be able to pull money out of the value of that one to fund and continue the other house. or if you have relatives that may want to loan you some money to finish the other house, that's another way to go.

I'd love to help you through the process, from start to finish.

My question was if I could attain an equity line on the newly purchased property if I have no equity in it yet since I did a 3 year interest only with a ballon payment on the backend with no money down.

You would likely rehab to a higher finish level for a flip than a buy and hold, which would result in a higher ARV. 

I think I create really good houses (concentrating on the home's systems and use long wearing finishes), then have been screening my own tenants and selling as turn-key.

If it's a quite steep slope, you should budget $400-500/sqft, depending on finishes. 

My goal with REI is to ensure a comfortable lifestyle through a smart and diverse holdings and attain true financial independence; I also want to help other like-minded individuals and do the same! 

Backyard was the same way.Next door there was a property that was almost exactly the same but was in the final stages of finishing.