Unfortunately, given current and foreseeable prices and interest rates, I will not be in the position to buy anything else anywhere I’d want to go. 

Quote from @Tim Delaney: Quote from @Nilusha Jayasinghe: Quote from @Tim Delaney: It sounds like you would be in a good position to invest some or all of the RE emergency fund in a “safer” index fund.

Because of my savings and lack of expenses, I'm in a very comfortable position to make my first move, but because my income is mid, I'm unable to meet the Debt-to-Income requirements to qualify.

Biggest thing is cash position.  

Main goal of All In One heloc or 1st Lien Position Heloc:  Lower your daily average balance.Main Drawback: Rates are substantially higher than 60% of current 1st mortgage balances.If you are mostly living paycheck to paycheck and your money leaves your account as soon as it comes in to pay bills, this is not for you. 

However, appreciation will put more dollars in your pocket over the long run.The best solution is to find a property with positive cash flow in an appreciating market.

He'll have at least $2k per month in positive cash flow and tons of equity when it's time to find the next home in some years.

Am I in a bad position.

Ideally looking to cash flow positive on all properties.  

Legitimate lenders may charge a small application fee (around $250) to verify you’re serious, but if someone’s asking for thousands with no real intention of closing, that’s a huge red flag.On a more positive note, there are creative financing approaches out there.