I got a HELOC on the house 5 months ago and house appraised for $205K.  

Have you considered a HELOC (home equity line of credit)Here is my story:We have a condo in boston, when we found out we were moving for promotion, we quickly got a HELOC bc it was our primary home. we NEVER DREW any money out so we had a zero balance.When we left, we put in a tenant at almost cost!

I'm wanting to start my fist deal, but my down payment would be from a HELOC from my primary residents.  

She took out a HELOC and gave it to me to do deals with.  

Home equity loans have origination fees etc, but my credit union is letting me get a HELOC for $250 using the county tax assessors appraisal (standard appraisals can cost $450).  

I've worked with creative financing from HELOCs to HOPE Grants to Assignments of every document known to man, and I've worked with every type of interest from Fee Simple to Easement-in-gross.   3) Educated-- Certificates in Paralegal, Negotiation, CRE, and CRE Finance; still seeking more education daily-- formally and informally.   4) Hungry-- see No. 3 and I additionally want to make a genuine contribution. 5) Here's one none of us like to talk about...

I would apply for a HELOC on your property you own now.

I would love the flexibility of a HELOC but no one will give it if it isn't a primary residence.

I will do some of the work myself.For total out of pocket cost of +\- $80K.Buying cash via Heloc on primary home, renovating via same Heloc.

If you're holding it long term, be mindful of the fact that your HELOC @ 3.5% isn't fixed and it's highly likely the rate will go up in the future.