But if you are for example funding the improvements out of pocket, you will want that initial value. 

I have the funds available today for the purchase of a rental property as well as a primary residence, but I also want to set myself and my wife up to reach financial freedom.  

Banks like proof the funds were in a bank well before closing. 

Do you use your own cash or do you have a lender or investor funding your deals?

we did the first 3 in a 18 month period we used internal funds so no debt.. these were 350k to 400k all in projects.. so U need cash to be a spec builder or you need investors if you dont have cash..

I have used them to fund a flip and I would absolutely not use them again.

From what I've learned it seems that a HELOC is probably the easiest way to gain funding but at the same time it comes with risks if the flip isn't successful. 

If you buy in a prime location with desirable amenities, you’re setting yourself up for steady income and long-term growth.

@Collin Luckett  Just adding, if you have the ability to fund with your HELOC, it would be far cheaper than PML or Hard money. 

Any other expenses are using up funds that would otherwise be sitting in your checking account to make a mortgage payment with.