If the property is not cash flowing and is due to your mortgage carry, it will most likely require a cash buyer to work (or close to it). 

Watching my linens get swapped out for cheaper quality would be rather upsetting to me and I would keep all laundry at the property.

We are experienced and have never involved anyone in our projects and have never used a loan outside of a conventional mortgage.

Assuming that your taxes and insurance are around $500 and your mortgage was $1,000 per month - even if you got a rate around 7-7.5% and had no money down I do nto see this property cashflowing.

So in 3 years if you bought a $150,000 house, you would likely have accumulated $12,000 -$20,000 in equity on your $30,000 initial investment - not to mention your tenant paying down your mortgage, plus some really awesome tax advantages (3.3% depreciation, etc.), plus hopefully some cash flow!  

If you are buying a buy and hold rental, do not pull a HELOC or you're paying a mortgage payment on the new property AND HELOC interest.

I'd make sure you have enough money from a job to pay the mortgage if you don't have renters for some time. 

If you use a DSCR loan you could maximize the equity you could take out while still breaking even on the mortgage + taxes + insurance.

Where you would put in the mortgage the seller is financing.

Home mortgage is $3700/month and $500/month extra payment towards the principal.