Hopefully your first rental is generating income and that will let you accumulate the next down payment quicker.

When you concentrate on rate, it potentially takes you away from some long term goals in the accumulation phase of real estate. 

sounds like a business to get into while trying to accumulate cash for flips!

The single most powerful way to accumulate (and keep wealth) through real estate is to purchase it in your ROTH IRA account. 

The process was already slow in the county, with the backlog accumulated how many months will it take now?

It depends on your contract and jurisdiction if you can force contract fulfillment or compensation of accumulated expenses in regard to the purchase.

This will likely inhibit your cash position and slow down your ability to accumulate liquid capital as you will expend a large amount on a downpayment, pick up a mortgage, and incur maintenance expenses that go with every homeowner.

It may take some time, but eventually you will accumulate your real estate empire.

I'd tell the would-be rehabber to accumulate some more cash.

If your goal is to accumulate more units why would you sell, just refinance and pay down your HELOC