As indicated we ran into multiple unexpected issues but also it was our first time rehabbing a unit that was old enough to have lathe and plaster (whether built in 1901 or 1920s).Did we make a mistake re-doing the entire plumbing and electrical rather than just what was necessary?  

If not, going with a single-family home or a duplex could be a good option.For larger investments, you'll need at least six months of reserves to cover any unexpected issues.

One of my protégés did all finish work (flooring, painting, light fixtures, plumbing fixtures, outlets/switches, sink drains, dishwasher, shower, bath vanity, kitchen cabinets and counters (installed but he did cut), etc.  

Hey, go buy a prop on say Plymouth Ave , diamond it out, let us all know how it goes. 

We offer both from a variety of outlets(and on investment properties which is rare), here's some examples of how recent clients have used a CES/HELOC for both long and short term purposes.That all said, for your purposes I'd want to dive deeper into your plans to repay before advising one way or another.

(Be sure on those income streams, no speculation.)Have a good size cash reserve (I had at one point $115K in cash reserves in an account, because I was so cautious about life's surprises, especially medical, I have since eased up on that and put more than half of that to work for me in multiple income streams) waiting in a high yield savings account, or in some state of liquidity, that you can draw from at any time for those unexpected surprise expenses, because sometimes when it rains, it pours.

I've personally worked with a handful of "investor-friendly" lenders, primarily on DSCR loans in recent years, and each time I've run into significant delays, lack of transparency about the process, have been fed the requirements in a piecemeal fashion (every few days there's a new random request rather than having it all organized from the start), and have even run into lenders who were substantially misinformed about the real estate industry or the laws that govern it on both a local and federal level.I think there should be a better site to encourage accountability by tracking how long it actually takes each lender to close their loans on average, and what unexpected hurdles investors encounter when trying to work with them.I can't seem to find such a site.

For example if you have 2 prong outlet in a wall and you gut that wall they can require that outlet be brought up to current code AND they could require additional outlets in that wall as well.

Every week something goes out in the home with the most recent being the lower outlets throughout the home. 

Generally speaking, ensure your ARV estimates are conservative to avoid over-leveraging, screen tenants thoroughly, and having a buffer for unexpected repairs or vacancies is essential.