I also invest in other assets such as stocks, and private companies as well.

Quote from @Dawn Harris: We have a STR managed by a property management company.

I argue that more money in the hands of the rehabber makes the loan safer.

As far as financing what would be a good loan?  

The plan was to utilize the HELOC as the down payment then getting a conventional loan to cover the remaining 80%.

He works with us often here in Chicago, but can service loans across the country!

P&I stays the same for the duration of the loan.

My wife and I also own the only interior design company specifically for real estate investors, Ivory Home.

Hey @Dalton Foote - I highly suggest  using a renovation loan and house hacking a multi-family if that is possible with your current life circumstances.The 203k and homestyle renovation loans are just amazing products and drastically help you reduce your risk, in my opinion, because you are able to leverage the cost of the entire renovation with such a low down payment loan.We work with a lot of clients who use these products in Chicago, and no matter what, in the long term, they gain great equity.If you aren't able to house hack - the process is essentially the same, but just with more money down with hard money or conventional construction loan.

@Cody Caswell there's several things to ask about here that might not be answerable in a forum:- Why do you need an FHA loan?