A first time FHA loan should get you in the door of a 1-4plex w/3.0-3.5% down, and some programs let the Seller pay some or all of your closing costs.

Are you looking to buy for $50k plus repairs or all in at $50kYou can definitely buy off market houses in that range that may need work in good neighborhoods, but to buy one off of the MLS it will be in the D class areas (Linden,Hilltop,etc) with D class tenants. 

Any or all of it WILL work if you do it enough of it. 

But my question is, is it smarter to pay down the heloc over time using the rents or refinance one or all of the houses I’m buying to free up my heloc for future purchases?

However you will also be able to use the depreciation to offset some (or all) of your rent-able income in the earlier years of purchasing a property. 

2) The COSL provides a mail-in bids form for non-local investors but it says 'Bids received by the Commissioner prior to the sale date will be announced immediately preceding the oral auction of the parcel

However, Steve Crorey, 2018 ABoR president, makes the familiar note that, despite strong sales volume, housing supply is extremely inadequate to meet demand: “Over the past several years, Austin's housing stock and home sales have become opposing forces that are widening our housing gap.

They wanted me pay some or all of it.

@Lawrence L.You'll likely get part or all of the exclusion depending on what you do and when you sell.

@Daniel Rutledge will you be getting most or all of your money out on the refi?