Then once it's acquired and/or fixed up you could shop around for long term financing if planning on holding the property rather than flipping it. 

What about rate and term refinancing?

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.

I have an opportunity to make a quick 30k in equity, but only cash flow around $25 — if I look at long term appreciation, that seems to make sense to me, but am I overlooking something and trying to make this work?

Purchase price: $189,000 Cash invested: $40,000 Mid-term rental property in a college town.

If you don't want this loan I will take it, those are great terms right now. 

What terms are they proposing?  

You can generally get the best terms (max leverage and best rates) on an owner-occupied house.

The city’s robust economic growth and steady population influx continue to drive strong rental demand, making it an ideal choice for long-term investment success.Best of luck!

If you do decide to start flipping homes- as a new investor you can either self finance with all cash, or you can contact a commercial lender like myself and expect terms to be 75-80% of the purchase price with 100% of the rehab financed through a draw.