If I have several options, I would prefer a HELOC with no initial draw requirements (i.e. to establish a literal line of credit that I have no specific short term plans to use), i.e. not something like the better.com HELOC. 

Do you have a preferred type of property and price range you're looking for in general (knowing the costs can be different based on they market)?

I am seeking an experienced tax advisor (preferably licensed in CA) with strong expertise in US and German tax law, particularly in real estate investments, mixed income (W-2 & self-employment), and international taxation matters. 

Some funds offer preferred equity and common equity in the capital stack.

I prefer to negotiate the purchase price removing any seller commission. 

I'd like to share the excel file but I'm having trouble navigating FilePlace to upload it.Appreciation vs. cash flow, I’d prefer a balanced market that offers some appreciation potential.

We're willing to live almost anywhere in the greater Sacramento area based on what we can afford, provided of course that the property is in a decent neighborhood that has a good chance of attracting responsible tenants.As for budget, I believe we could get a conventional loan for properties up to $600k, but my strong preference is to find a distressed property (or seller!)

I understand the pros and cons of both so no real immediate preference.

Moreover, it allows you to set the terms of the lease agreement according to your preferences, which can help prevent misunderstandings and disputes in the future. 

I've done a lot of wraps and subtos and highly prefer the seller-finance strategy for a lot of reasons, including offering the opportunity of homeownership to those otherwise rejected by traditional banks.