The plan is to create an Excel sheet where I could plug the basics into a formula and it would give me a side-by-side view of how the investment looks with each fund option. 

I wouldn't advise a LOC with additional collateral.Interest will be market rate, might be higher due to more loan administration with some lenders.

The optimal plan of action is determined by your personal objectives, level of risk tolerance, and state of the market.Good luck!

I plan to move forward repainting the entire interior.

You can buy down the rate but it will not make sense if you plan on doing a refinance in the next 3-5 years.

If the numbers you’re hearing were from a property manager and you’re planning to do it yourself you will do much better than what you heard it was doing in the past :)

Our goal in investing is long term benefits (we would like to plan for retirement and helping our kids get started as adults), also plan to gain passive income, maybe gain one property every other year or so. 

Both told me that their department doesn't do environmental studies on properties, and suggested to talk to the Planning & Zoning / Developmental Service.

When I underwrite my deals, I plan on 5 years without a refi. 

But while the plan was always to house hack, I didn't spend enough time looking at what would make the best rental.