@Steven MyersMDF will be more stable and require less work to prepare.  

I'm going through the underwriting process right now to see how much of a HELOC I can get to leverage the down payment on my first Buy & Hold Property.This process I was told can take 3-4 weeks (appraisal, credit check, etc.).I think I am eligible for a HELOC amount somewhere between $10k - $25k.I'm looking in the Indianapolis market.What can I do in the meantime to prepare myself to take action on a deal?

Then after you have done some homework and are fairly prepared then I would ask for bits of advice you need to fill in the blanks.

It's great to have cash to buy with, always makes things so much easier and faster in addition to almost always getting a better price.Even if you don't "plan" on buying another right away you never know when an opportunity will present itself and in order to be prepared to take advantage of those times they end up in your lap/face, you should be prepared to pull the trigger and execute!

Too many potential pitfalls...many stated right here on BP from those who realized too late that they simply were not prepared for the challenge. 

What would you do in my position to prepare for the day that bill comes knocking?

I'm still very grateful for all of the insight, so that I might be better prepared the next time something like this comes along!!

I am meeting with an owner tomorrow and would like to come prepared with a contract.

Self-employed, not prepared, unable to work.

You will probably be paying $200-400 for preparation services, but it will be well worth the cost.