I know there are many variables, but just wanting to get a general idea :)

TK can be a good way to minimize variables so you can have less risk while starting out.

And this is potentially while the property is already under contract, with a ticking clock on me securing your financing before your deal gets jeopardized.And this is just one quick example based off of the variable of income, when in actuality, every underwriting variable from income, to credit, to personal assets, to the LTV of the loan amount, to the condition and type and location of the property itself, can all disqualify you from one lender, while will be acceptable to another.

Also, keep in mind that HELOCs tend to have variable interest rates, which means your payments may fluctuate based on market conditions.Option 2 allows you to keep your HELOC available for future purchases and use a conventional loan for this rental property.

I think the rest of your variables are conservative.

Paying off the draw on your HELOC for the downpayment would be the smartest thing to do since it is at a variable interest rate

But your absolutely right , there are so many variables to determine.

Here are just a few variables:  State, county, size of lot, land locked or road access, utilities in road, will the property pass a perc test, zoning, set-backs, inside of HOA or not, restrictions, etc...

Just paid about 55/ft.....it was pretty nice stuff, but there are too many variables to answer your question simply.

There are so many variables in any situation that it just isn't possible to be specific.