Based on your down payment budget ($40k-$60k), at 25% down, you’ll be looking at properties in the $160K-$240K price range.

You can take out home equity loan and use that as a down payment on an investment property, but I'm pretty sure your return will be very poor.

These sellers might be more open to offers to accept payments over time. 

The payment is roughly $260 a month.

Without this workout, the down payment requirements, current levels of interest rates and cost of the transaction would not be incentivizing enough to for investment. 

The longer term loans would have lowered your monthly payments and decreased the costs.As for rent, each year you need to look at rents in the area to decide how much you will be increasing the rent by. 

These are typically interest only and require a payment of 1-4 points up front depending on your area and the PML.

-Interest-only payments, which help manage cash flow during the renovation.

Given the market conditions and your hard money loan, it might be wise to first calculate your monthly holding costs, including loan payments, taxes, and maintenance.

You likely only made a down payment of 3-20% ....but you still get to write it off on the full value across 27.5 years.So 400k/27.5 = 14,000 ish a year of a write off where during the year you didn't need to incur an actual expense, no cash outflow.