If I assume 15% mgt fee and $150 for all utilities, that leaves me with $320/month cash flow, which I will pay full taxes on since I can't deduct anything else. 

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

In that scenario, would you still cash flow a little bit or break even?

HELOCS do exist for rental properties but you are usually capped at 65-70ltv and these will most likely require a full underwrite that takes into consideration taxes, income, dti and all the normal quasi-associated red tape.

While this may exempt it from being classified as a rental activity, active participation remains a requirement, necessitating compliance with three tests: spending 500 hours on the property, dedicating at least 100 hours (and more than any other participant), and performing all the necessary work needed.Additionally, long-term viability and consideration of depreciation recapture are important concerns.

Analyze the finances in detail to understand the potential ROI, cash flow, expenses, financing costs, and tax implications of each property.

This accomplishes the same thing, but it leaves more of the house available to lease so you can get higher rents and better cash flow. 

Pretty much everything I've looked at either:A) doesn't cash flow for about 15 yearsB) would cash flow if you bought it with cash, but at that point you could get much better returns investing that money elsewhereEven looking at house hacking it seems that the savings on rent (about 2.5k/month median) are outweighed by the significantly higher cost of purchasing property.

I'm live in Old bridge, NJ and due to high property taxes in New Jersey, PA seems like the best state to invest in(Tavel time ) I'm trying to identify rental markets and research, while trying to establish a team.I've done some research and came up with a few areas in PA include Allentown, Lehigh Valley, Bethlehem, Scranton, reading and Kutztown I'm hopping to cash flow between $100-200 per unit is possible (with property management), and can reasonably expect some appreciation in the next 10-20 years (2-4% per year would be ideal, though achieving positive cashflow on my first purchase is my #1 focus).

Our cash flow is good, so I was thinking I'd get the line of credit to use for backup on these near term repairs that are less than $10k for what I can't cash flow or cover from savings.