It's also rare you buy these properties with 20-25% and have NOTHING you need to address almost immediately in terms of repairs or capex. 

As far as timeframe, anywhere from 21-45 days depending on how quick a borrower gets their docs to underwriting, how long the appraisal takes, etc.

I have a house that’s a long term rental upstairs and a medium term downstairs.

I'm not sure if the program is still going on, but has definitely revitalized a lot of the area when it was once destined to follow the way of other older cities that are aging out of existence both in terms of people and property. 

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

For short-term and mid-term strategies working there, the simple answer is that it depends. 

The Property will be a good long-term investment whether you do the dig down or not! 

OO loan seems like real long shot. 

Real estate is an excellent avenue to help you achieve those goals, especially since it can create both passive income and long-term wealth.