HELOCs give you more flexibility (in how you pay them back) than a traditional amortized loan. 

Also contemplating going with traditional lending on the purchase of the STR property, but would like the benefit of being able to be a cash buyer if we were to acquire a killer off-market deal (of course hoping to in this current market). 

I have purchased with cash, hard money, traditional, options. 

You could look into renting by the room, which could potentially earn more than traditional long term.

*on the MLS*There were a few other little tips/tricks/insight we use for ourselves and our clients on stuff like this and I feel like i could write another 1,000 characters on the "perspective" of just this one deal...but i'm aware we've crossed the threshold of "too long".Most of my deals are traditional, light sweat equity buy and holds.

@Eric Braxton the traditional analysis is to look at the monthly savings, the calculate how many months it will take to repay the upfront cost.

For primary residences that the loan is VA or FHA, you can add non-traditional credit, aka cell phone bill, gym membership, etc.

Hey Shawn, this will be long ... so here it is:As far as your calculations, I don't see any errors in the traditional IRA or Cashout sheets.

Most traditional banks require 4 years of restored credit.

If you go with a home equity loan that is the traditional term loan product, and plan on buying more rentals, then pocket the proceeds when you cash out refi the rental and just put the capital back to work as soon as possible.