Lending on rental/investment properties versus personal residence is different and sometimes the criteria are really unfavorable for HELOC on rentals.One thing I like to add for you guys to consider is rules regarding arbitration.

Think Las Vegas versus New York City during the 2008 global financial crisis.Focus on Cash Flowing PropertiesAt the end of the day regardless of how bad the economy is people need a place to live.

I need an idea of cost to build versus rents. 

I would not offer more than 85% of the total outlay versus arv if it needs rehabbed . you need to have a cushion for risk and unexpected things that pop up .

With that being said, for the cost and size of the home that is being built, it's way more cost effective to purchase a new home versus paying either close or a little more in price to rehab an older home.

The former is where you learn the business & the latter is where you fund (or help fund) based on the deal meeting your criteria.The first you usually pick a niche - though it could be a broad niche - like residential versus commercial, or you can drill down and only pursue SFH, or Multi-family, or mobile homes, etc.I subscribe wholeheartedly to what @John Fortes says above, so if you try to do that in a variety of avenues you may find yourself spread thin. 

Buyers have a little more leverage right now versus early last year.

I, too, am researching syndication at the moment (versus owning my own smaller MFH) so threads like these are great for those of us just starting out. 

That is less deprecation you can claim each year on the new property versus if you had purchased it without exchange.

It really does come down to going crazy versus estimating the amounts.