That said, I recognize that some people are looking to reduce upfront costs and have the experience from similar projects to navigate the process independently.

Learn to recognize that "deal". 

After lots of complaining I finally enrolled in on-line courses with a fully recognized and accredited SUNY college for construction project management. 

I genuinely thought I was (and think I am) satisfying the rules to the letter of the law.  

Your making a smart move by recognizing your personal finances need to be in order before investing in real estate.

I recognize that I was lucky enough to meet someone that got my blood rushing into real estate and my future retirement but you're still young too!

I can offer my personal experience on this subject by saying "Don't do it" if you are not prepared to recognize and accept the absolute difference between being a property owner vs providing services to the Elderly (or anyone for that matter).

Because as a newbie I am most likely to make mistakes and I don't have the history to recognize great deals vs overpriced deals.All that being said, I'm still going to pull the trigger on any great deal I find. 

@Darren ElliottI have found that it's best, if you can, to make these decisions under the auspices of uncertainty - that is, if you are getting the HELOC going during a period before it's rented, and you are genuinely still 'considering' whether to live there, or not, then that's frankly the gold standard in your intent. 

But if you aren't going to use that type of money....then an entirely DIFFERENT strategy will need to be used.Conventional - I'll define these as loans that come from Fannie Mae and Freddie Mac (if you recognize those names).