I want to avoid personal guarantees and limit my cash outlay as MUCH as possible.

My goal with real estate is to eventually create a lifestyle easier to control (Flexible with Time & Money).  

It really depends on how much equity you have in your primary residence.You could also use the HELOC for down payment and cash reserves for any rehab or maintenance needed.Then once the property is stable you can cash out refinance to pay your HELOC back and replenish reserves.With the limited information provided this would be my suggestion.

However, I live in an expensive market (NYC) and so will likely have to be limited to buying an investment property out  of state so that it can cash flow.

We have roughly $2 Million in equity today and generate enough cash flow each year to support our chosen lifestyle (which is admittedly pretty low key). 

@Neil Haven a four unit property will qualify for many commercial programs, which may be the way to go.With a commercial policy, you may have more flexibility with choosing the building limit and can pick and choose which coverage's you want.I would suggest calling a local Independent agent. 

We are just wondering, again since this the 2nd time that someone limited the time to 3 hours, if it was just the inspector we want to use and our own expectations that are in the way.

But would obviously need a partner because I know my limits.

I also knew that his work was limited because most side roads were posted (heavy vehicles not permitted due to frost heaves, etc.).

Currently living in New Orleans as an engineer, but don't see myself here long term as there are limited opportunities here in my industry.