If you were to do a cash out refinance after the property is completed and take out that equity, you could pay off the heloc and lock in a lower long term rate on the home.

@John DeanPrivate money would but private money is short term so you are more liquid and I believe borrowers on private money are a lot more qualified and you have much lower ltv than you would on a seller finance

I would highly recommend that you focus on what you want to start out with first, flip or long-term rental.

Now it is a stabilized long term rental on both sides for me.

Together, we negotiated favorable terms with the seller, ensuring a beneficial deal.

In return for the City's rehabilitation assistance, participants agree to certain long term (5-20 years) rent and occupancy restrictions which provide for the continued availability of the housing to lower income families at an affordable rent.

Also, you can't take short-term rental income for granted as if it was long-term rental income.

@Rehaan Khan yes as said the term is "Seller Financing" however I sugest you do not use that term as it might confuse the seller.

This can be advantageous because it often allows for more flexible terms, such as lower down payments and sometimes even lower interest rates.

In addition, there are terms that must be considered.