There are a number of purchase/sale/holding costs to look out for, that I compiled into this post here: https://www.biggerpockets.com/blogs/8814/70530-fix-and-flip-project-costs-purchase-sale-and-holdingI see that you're located in South Dakota, so in addition to those costs you'll also need to contend with the Contractor's Excise Tax, which is a 2% tax imposed on "prime" contractors engaged in "realty improvement projects" in South Dakota.

@Phillip Davis be careful of the repair number, I would use the breakdown on there to see where those cost come in and what will need to be fixed.

Buying it traditional can save you on interest rate but heloc on the other hand is not fixed rate, as of now my heloc is reaching 6% flexible rate.

EquityLock Structure: Credit Approval, Closed end, fully amortizing, fixed 3.99% APR up to 10 years.

My goal is to buy what flippers say "does not have enough meat on the bone", a B- condition on the surface property but with good internals, in an A neighboorhood, then fix it up over time so that it's better than average. 

In the 80's and 90's 30 year fixed rate mortgages were in excess of 10%.

My goals are to start with some fix and flip rehabs, possibly wholesales and leverage my way into multifamily and eventually commercial buy & hold properties.

My third guess is that you might have trouble finding an investment loan for the fixed interest rate of 5.5% - for thirty years!

Where else does one get the lowest rates fixed for 30 years to go buy assets that can perform and cashflow meanwhile the lender has the debt guaranteed by the US Federal govt?  

No patch job is going to fix that.