Not ideal here.  

Good fit.  

However, a 203k loan is basically a HFA loan that also allows you to also roll in the renovation costs - https://www.amerifirst.com/amerifirst-blog/bid/866...This is probably the best fit and I would find a local banker/broker that can assist with this.  

@Craig JeppesenIf I were to pursue this further, what do you think ideal terms would be?

Use the right fittings for your area. 

Based on my study the last several months, single-family (Or small multi family, if the opportunity arose) looks like a niche I would fit best in, at least to start.We were hit hard in the recession, and are just now again at a point where we could look at investing.

They are not something you use and take to investors and say “oh this must work because it fits this rule of thumb”

Thanks in advance, I know I’m probably way off base on some of these questions/statements, so correct me/educate me wherever you see fit, if you can find the time.

A lot of banks have introductory rates for HELOCs that they use as a loss leader for the branch and you can shop around for the lowest rate or any bonuses they have because its the cheapest money you can borrow.Once you have that line of credit, rather than utilizing it as collateral for downpayments on leveraged properties, I would use it to leverage the strength of cash offers on distressed properties ideally to motivated sellers that allow you better access to good deals compared to those with financing contingencies.

Below is a timeline that i follow which fits most of the guidelines and as property owner we would have very strong case to build anytime .