Question 1: should I wait for mortgage rates to come down and then refinance and take out a HELOC and use these funds to buy another property?

I am not sure if you have been following the news, but the whole world has just changed for agents with the way rental and buy side commission is done.

I'm planning on buying in the Raleigh-Durham-Chapel Hill Region of NC. 

I wasn't set to buy with REI. 

1-4 units the floor rate I have recently is 6.5% for 30 year fixed residential. good credit, ratios, etc factor in but par is landing around 7.25%-7.5% without buying it down.

Most stuff in CHS that's worth buying is gone in pocket listings or shortly after hitting the MLS.

If you have any claims or some list particular claims in that time frame they will not accept new business from you.In speaking with the product managers I've given the example of a client with 50+ locations paying over 45k per year in premium having a claim for $10,000 and would they take the total account into consideration when this client buys another property... the answer was a hard no. 

Unfortunately the cost to replace is the same regardless of whether you are buying the $100K property or the million dollar property.

We are all aware that the GSE’s Fannie Mae and Freddie Mac buy a large share of mortgages.

At least you have an asset and can start building the cash to buy a STR for yourself and then roll on.