Write a check from HELOC so you can use cash option (and make your deal more attractive to seller) and then go through refi when property is ready.  

Majorly improved the online VRBO and AirBnb listings to attract more renters.

I'd really think that this decision hinges on your assumptions and how you feel about the tenant class you can attract (and therefore your ongoing time investment and CapEx to maintain the property).Anyways, don't you have other options that might generate a bit more equity and/or cash flow?

@Priyanka K.When investigating new markets I look for things like population growth (upward over the last 10 years)Job growth 1% or greaterUnemployment =< national averageper cap income 20KHousehold income 3 times annual rentnumber of households (in comparison to other markets) Favorable government policies (is the local government looking to attract business) those numbers will give me a sense of the macro market.

Would love to hear your feedback on where you think we can attract the most amount of real estate minded people as far as a location standpoint goes.

Prices have taken a while to recover from the the crisis 10 years ago, which makes it attractive. 

Is there any obstacle that would stop using a 203k loan for renovation, then refinance to a different, more attractive loan?

I’ve been given advice to ‘keep buying’...My fist property will be working well with a cap of 7.7.ITs an Attractive idea, To pay it off, and Then leverage it.But I hear, I should continue Buying.Any Arguments, Either way?

Also, obtaining a more attractive debt to income ratio is something that I've also identified as a potential hurdle I will need to overcome in my early years, but it does not seem to be an impossible task. 

I also don't want to lose an earnest deposit on a co-whole deal, or attract attention of the real estate licensing board.