I think you are on the right track with the income verification, and speaking to previous landlords.

I have considered a HELOC as it will open a credit line to allow me to borrow as I need to to pay subcontractors etc, but it seems like a lot of work to open the account plus I hate the idea of putting my house up on the paperwork.I have two credit cards that I only use for rewards and I keep a rolling $0 balance on.

I am also going to to let the pro's tackle the major renovations and I will handle the smaller stuff.

I'm seeing reasons to/to not form a corp - tax benefits and asset protection, basically.

My question, is it a good idea to to buy a distressed property as my first investment?

If you finance the purchase in any way:  You have to actually wait 12 months now to to use the new value to pull CASH OUT

I'm understanding the limiting factor being my wife and I's income and if it would allow us to to cover the payment on the equity loan while it's being used for whatever investment we decide.

They did, but not with additional verification for their business; just the on boarding documents. 

Lots of new builds about to to come and the suburb area buildout is intense.

The proof is on you then to produce delivery verification.