If you offer first, I would factor worst case on rehab and offer based on that.

Quote from @Laura Nelson: I went last year for the first time, and it was a blast! 

Some will offer a HELOC even if they originated your first mortgage. thank you for taking the time to respond, I will look with some credit unions That's a good call.

A tax pro will not save you time or effort but they may assist if you're unsure. 

Be very careful with this as a first time project! 

You'll likely need a higher down payment if you can find anyone willing to finance something like this as a first time investor; many require some level of rehab experience at the very least.

You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

We've taken the time to try to educate ourselves as best as possible, but know that nothing can happen without eventually taking action.

None of these strategies are new, all existed when I purchased by first investment but none were as popular as they are today.

Since this is your first renovation, I recommend getting a GC to do it.