From the seller, we got credited the tenant's security deposit, prorated rent for June, and last month rent (which will cover July). 

The benefit to the 203(k) loan is that it can work with a lower credit score and it has a lower down payment (3.5%). 

I have excellent credit and was offerd 5.5% for 20 year and 5.75% for 30 year.

Through my due diligence I discovered repairs needed and have agreed upon a credit from Seller in the amount of $25,000.

This will be my first time and was wondering once I get the loan and get a renter into the home, can I turn around and get a home equity line of credit? 

I am extremely lucky that I obtained a fixed preffered rate credit card with a fixed rate of 5.7%.

Once I got my first mortgage my credit score shot up 63 points.

As Nathan mentioned, I would make sure you have created a rental criteria that outlines income and credit requirements as well as how you will treat those with a criminal background or eviction history.

Will Glaeser Lenders want to have your income (tax return, pay stubs, w2), credit, experience, bank account, LLC operating agreement, purchase agreement, scope of work, market comps, property evaluation, exit strategy.

If I hadn't had the cash, I also have a line of credit available for things like this; however, I would have been in trouble if I were new investor with no reserves.