The house has a little mortgage that can be paid with the down payment. 

I know many hosts have completely recouped all their down payment and furnishing costs within the first year just by doing a cost seg.

They work closely with tenants and community orgs to keep the payments coming in during hard times and the team will help you with evaluating upcoming purchases. 

Theoretically I could obtain a HELOC on my first property for the down payment on this one and sit on it until I have time for reno.

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What are typical down payment requirements?

DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.

I’d ask the current owners to carry back a mortgage, say you make a down payment and agree to pay them 5 or 6%.  

Your payment goes up $2,200 and your rent goes up $2,600.

But, the point is you want to understand the rates/terms of the loan you are using to make sure that you are not paying a lot of additional costs or pre-payment required to get the cash out a few months early. it may very well be worth it but you want to compare apples to apples.