@Elizabeth Southall-1)  depending on your  needed timing  -consider  closing on the  heloc  with the low  appraisal  and then look  for a  new  heloc to   replace this  heloc  2)   locate another bank / lender that can  offer a 85% or  higher HELOC and  begin the  process  from scratch  

The answer really depends on your target market. 

All these metrics are different within the US so, as you can imagine, they're different between different countries and within a given country, depending on location.

@Melanie ThomasI really think it depends what market you're in, and what type of resident base you have.

RU dominates in oil and gas so much so that Europe the continent is dependent upon them. 

Depending on your goals, you can start with a short-term rental (STR) through rental arbitrage.

depending on the area, there are plenty of HOA's that allow STR. i have 2 properties in 2 different HOA's that allow STR.

So personally if I were you depending on how much I had to work with I would seriously consider commercial. 

Depending on how your properties are held will depend on what (if any) percentage needs to be counted. 

Markets are typically dependent on your strategy...LTR, STR, flips, BRRRRS, etc.