We would certainly modify over time but using this as a baseline to try and balance "how many" and "how much".

Ideally, I'd like to pursue a mixture to create a balanced portfolio.I'm very interested to hear insights from others who have invested in these areas. 

“Balance sheet” and “P&L” is what your cpa will come to rely on.

My thought is to repay the HELOC balance ASAP.

I put 25% down, borrower the balance from a friend and became a property owner for the third time.  

I have a HELOC on one of  my rental properties ( 0 balance, so I have the full amount to use) Also, on the other 2 properties I can do a Cashout Refi or HELOC  that can produce aprox. 160k between the both. 

If it is conventional as soon as the balance is 78% of the purchase price they will drop it, or if you reach out have it re appraised and you have 20% equity they will drop it.Best of luck!

I've seen typical numbers of 1%-2% higher than your current rate.Summarily, a HELOC is not designed to keep a balance on it long term. 

Will you need a KP to offer up their balance sheet and liquidity?  

Examples would be you can't move the home while you still owe a balance, etc.