I wanted to see if anyone has any advice on what kind of investment property I should start with using a HELOC to make the initial down payment.

As many investors know, lenders typically require more down payment 15-25% and to utilize Debt Service Coverage Ratio or DSCR loans would not allow vacation rental projections or income to be utilized for qualifying purposes.

If you're looking to leverage a mortgage, plan on a 25% down payment for a condo/townhome... the vast majority here are non-warrantable. 

100% agree @Jabneel Springer.If you are fairly near Alpharetta, I know of a large and reputable community that can help you with reliable resources. 

My question is, how are investors floating their wrap payment after selling off a partial note?

I generally txt a rent payment reminder on about the 1st of the month.

It gives you the highest possible mortgage payment. 

I often joke that if they want a 1/3 of the revenue they should put up a 1/3 of the down payment and co-sign for the mortgage..lol Also depending on the geographical region, there's a chance the larger PM operations could be managing several properties in your area.

Also, the builder is going to need periodic payment draws as the project progresses.

The seller needs moving money, there are oftentimes an arrears that has to be paid on the loan, there are oftentimes HOA fees that are due, there are title costs, there are escrow costs, usually there is deferred maintenance, you have to make mortgage payments out of pocket until you get a renter in there, you have to pay utilities and taxes, and you need reserves in case it all doesn't go as planned.3.