Currently, I'm analyzing different markets to see which one will best match my strategy.

It's always best to do your own research, just like screening for a good renter.Start by going to www.narpm.org to search their directory of managers.

I’m at the very beginning of my REI journey and I would love some guidance on how I can best optimize my planning, research and saving phase (which I’m dedicating 2025 to).

I am not sure what the means for insurance payouts, replacement value and property value are VERY different - does anyone know?

For a traditional Heloc at most small banks/CU's, the rate will be variable and will be WSJ Prime + a spread that represents the borrower's credit risk.

It's very rare that somebody just gets randomly shot 9 times by a stranger.

Then buy if the time/deal is right. 

I've had qualified renters move into a rental, add their bum friends or family members, and then disappear, leaving me with bad renters who weren't approved and aren't on the lease.The best practice is to screen every adult, approve them, and add them to the lease. 

It sounds like you already got the hard part done! 

If you do want to go this route, make sure that the underwriting of the investment property pays back both its mortgage and the monthly HELOC.