@Rachel Ash: I've been using a TK company for the past four years and now have investments in both Indy and Charlotte with them.

If your family's plan involves using a good CPS public school K-8, their are many families now holding there breath waiting for more cuts, a CTU strike and higher class sizes. 

A radiant system is also suitable for connection to solar thermal hot water, so you could effectively heat the house with solar energy (not to be confused with photovoltaics), using a tank or in-line water heater as your backup heat source.The boiler itself, if it is a newer, direct vent, condensing, natural gas unit, it could be up to 95% efficient.  

I would not suggest just using a random %.Let me know if you have any questions.Regards,Joe Scorese

Using a commercial mortgage broker can be very helpful as well as they have the lender network already in place and can compile your financing package (likely will not compile the package unless you have a deal in the pipeline).

now the question is, what are peoples opinions on using a equity loan vs HELOC vs cash out refi?  

Essentially if you are using a "portfolio" loan or "commercial" loan then the bank itself calls the shots on that loan type. 

I'd recommend using a D4d app and door knocking/cold calling.

Given that your rent income is $1675/mo, and using a 75% figure for what the bank will give you (this varies), I get $1256.25.

One potential huge downside is if you are using a HELOC on your primary residence to buy an investment property that goes absolutely sideways, you'll could lose the investment and be homeless.