You would be 100% leveraged, and you'd have 2 separate loans (One HELOC and traditional mortgage).

Then as soon as the 1031 is complete do a cash out refi, or a second mortgage or LOC on the property. 

Mortgage Broker/ Bank/ Hard Money Lender – Someone that has experience working with other investors.

Assuming you don't have a mortgage that requires a certain level of insurance, you can get a stop-loss policy covering all the properties. 

It was bought in 2004 and due to financial issues, I believe ~$197k is still owed on the mortgage.

You are looking at this through the lense of cash flow, don't forget you are also paying down the mortgage and might see some appreciation, so equity growth might be more than cash flow.

I also have a $50k line of credit I can tap into when needed that will grow as I keep growing the business.Right now my rent is about $1700 where I've been staying for over a year, but really wanting to trade that for a mortgage and start building that equity.

There is less risk involved in the cheaper properties .

Quote from @HMS Realty Home Mortgage Solutions: Have you thought about starting out with the first investment of buying your own home? 

Also, did you have any other loans (ie student loans, primary residence mortgage, etc) when you took on the $25k?