Then NJ will hold their hand out for 5-10% on top of that. 

A cash out refinance will typically be the better choice for a few reasons.A cash out refinance allows for a longer term 30 years versus a Heloc usually over 10 or 15 year term.

Are there escrow accounts to hold deposits? 

I'd suggest narrowing your choices down based on your long-term goals and what excites you most (sounds like hands on flipping).

Also look at the level of rehab of the comps, be careful not to do too much and work your lot fees into your holding costs.

., fix and flip, buy and hold, wholesale)Challenges: Any obstacles you faced and how you got past them?

Also they remove the need for a chimney and individual water heaters since the exhaust is essentially moisture. our HVAC does most of their work in the city if you want contact info- He's installed 3 for us just this last year lol In basic terms It would involve:-Permits / approval-Additional Meters X 3 (all thru UGI, they coordinate with contractor)-3 additional units to accommodate each apartment.

In terms of financing, one thing that might be worth exploring is connecting with local banks or credit unions that are more familiar with the market in Ohio-they often offer more flexible terms compared to larger national lenders.PS: Here’s an interesting tidbit-Ohio has one of the lowest property tax rates in the country, making it even more attractive for real estate investors.

you just want a plain, vanilla long term rental managed by a professional property manager.

@Maxwell Hinesshort term - BRRRR method, for example.buy with cash or hard money, rehab with HELOC money, then refinance and pay it all back.you never want a HELOC as part of a long term situation.