We both have full time jobs, our credit scores are very good, and we have some savings.      

Buying bulk should save you some money.

I am a bit older (60) and so I have some savings. 

Perhaps you have savings and don't even need a HELOC at all for a 15% down payment ? 

I haven’t done my first deal yet but I’ve been saving up to buy my first property at an auction coming up and I have a friend who kind of knows about real estate who is willing to partner with me. 

If you compare it to a savings account, it looks completely different.The average flip is turning in $20-30k out in under a 6 month hold on 100k-125k investment.  

For example, If you are using the place as primary home, you could save on capital gain tax when you sell it.

Just a ballpark. 10K in savings, 120K in Stocks, 100K in 401kThe link below is the property I’m looking at trying to buy.

I'll use an example with similar numbers because I want to truly understand the reasoning here:On the high end, the interest rate would sit around 5.75%, at the cost of -.125 points (ultimately resulting in a lender credit of $164) and a P&I of $766 per month ... on the low end, the interest rate would be 5.375% at the cost of 1 point (around $1300) with P&I of $735 per month.Given that info, this is to say that if I planned on holding onto this property more than 42 months (that's $766-$735= $31 per month... then $1300/$31=41.94 months), then it would make financial sense to pay down the percentage rate up front at 1 point because beyond 42 months, I'd be saving money every month...

I am getting a short-term lease while I get to know the city and save up some money.