If you get a little further out from LSU, you can probably buy in the mid $200k range and cut $200-$300/month out of that.

If their credit history is sufficiently long to generate a reasonable score for them then the credit score tells you the answer! 

@Michelle SharkoAnswering questions in step by step fashion:- Is it a good thing to do or not is a personal finance decision and it depends on the person asking it, their risk tolerance which in part has to do with how this HELOC or line of credit works and how your personality fares relative to taking on new debt (a person more adverse to debt might have sufficient savings and temperament to pay down/back the debt versus a financially liberal person might get in over their skii's as).

They would not be able to add to the portfolio as they go, though.With lower leverage in the 50% LTV range, they could expect to be in the 6.45% range on a 30-year fixed today.

Is there anything in that price range in those areas that would be cash flow positive or break even at that price range.

You are off to a great start because you know you don't want to LEAVE your job to do real estate, you want real estate to be a sufficient side car to the job you are already crushing out of the gate.

Yeah, insurance is likely more than sufficient for most investors.

Otherwise taking detailed videos and pictures for the contractor to get a good idea of budget should be sufficient to get a realistic budget. 

This is going to range wildly from market to market.

They differ from less than $100k to north of $200k With ARVs in the $100k to $200k range finding lenders to do cash out refinances should not be difficult at all.