Cons include having to deal with future rate unpredictability and paying extra interest over the course of the loan.

Sounds like a heavy rehab project.

The loss created by your deductions will be locked and pushed into future years.

Really think through what you want in life and what you can do with your current and future real estate to move you toward that. 

I want to access the equity in my home for other cash flowing assets w/goals of maximizing the spread btwn the interest I'm paying on the HELOC and the interest I'm earning on the asset.One major downside is most HELOCs are adjustable rate, and I'm certain rates will be increasing even more in the near future, so finding a bank that has a rate-lock option is my hedge.I've looked into this strategy a lot, seen the comparison numbers, and am still looking into different utilization strategies. 

How bad were the large items that might need to be repaired in the future (roof, furnace, sewer line, etc).

Also, I recommend that when you post in the future let us know what city and state you are looking to invest in.

Also, in the future, put a clause in your leases restricting ending the lease in winter, and you won't have this problem next time...

While the purchase price will be used as the "sales price" for appraisal comps in the future, it doesn't mean that the buyer hasn't secured a deal that does have day 1 equity.

Thank you, and well wishes to you all on your future endeavors!