A lot of banks have introductory rates for HELOCs that they use as a loss leader for the branch and you can shop around for the lowest rate or any bonuses they have because its the cheapest money you can borrow.Once you have that line of credit, rather than utilizing it as collateral for downpayments on leveraged properties, I would use it to leverage the strength of cash offers on distressed properties ideally to motivated sellers that allow you better access to good deals compared to those with financing contingencies.

Is there any templates or monthly/annual checklists that we could utilize?

You have not mentioned if there are existing structures on the land, the topography of the land, any road widenings, utilities to the site, zoning approved for commercial already, etc.There are TONS of metrics that go into it.    

If you are afraid you have spread yourself out too thin after you close, consider utilizing a 0% apr credit card just to get you started and to get your units rented out. 

If utilized correctly, this could definitely offset the increased interest rate that would come from refinancing your current living situation/future rental to fund your next deal.

Purchase Price - $70k-85kCash Flow Per Room - $375Property Tax - ~$700 & Insurance ~$500NOI (50% rule) - $750ORNOI: $1500- $105(7%vacancy) - $120(8% PM) - $150(10% repairs) - $58(Taxes) - $42(Insurance) - $250(utilities) = $775Estimated ARV(current w/ ~$4k of work) - $85kEstimated ARV(w/ ~20k of work) - $115k--Will most likely wait to do this until later on since it will only be college students renting Mortgage 30yr & 5% rate(5% Down) - $485/mo(includes PMI)@Andrew Whitacre @Salvator Migliore

How about utilities? 

If he will be utilized to check the health of the association, bylaws, etc, you can anticipate a bill of in excess of $3000Experienced investors have offer forms they fill out themselves, but unless the state has a promulgated contract, you will be foolish not to engage legal counsel.

I am a new investor looking for suggestions on what is the best way to utilize a real estate agent to help find deals?

Maybe if your spent a ton of money and got a subdivision approved and installed - roads, curbs, percs/septics, utilities - then you would have buildable lots to sell.Ideas:1.