If you're asking about the possibility to obtain a loan for a home that needs renovation, I am not certain but you could do a traditional loan and then refinance post renovation after the seasoning period. 

Obtain  financing with low money down again and again to start building your portfolio.  

I am also looking forward to house-hacking to free up more money that can be re-invested to obtain my long-term goal of building passive wealth through rental properties.

Here's the question you should ask: "How can I obtain rental properties without a W-2 income proof?" 

With all of the uncertainty that COVID-19 has brought during this time, I understand that many financial institutions have tightened their lending criteria to those looking to obtain such financing. 

My question is what would I be better off obtaining, a HELOC or CASH OUT REFI.

I have been doing a lot of research on investing (primarily into buy and hold rentals) and the one thing that seems the most unclear is the ability to scale up property acquisitions with obtaining more financing/mortgages.

(A) This sale is contingent upon Buyer obtaining mortgage financing according to the following terms:84 First Mortgage on the Property 85 Loan Amount $300,00086 Minimum Term years 25 years87 Type of mortgage Conventional88 Loan-To-Value (LTV) ratio:89 For non-FHA/VA loans LTV ratio not to exceed 75%Thanks so much for you insight.

I do have enough for a 20% down payment, but also own my primary residence free and clear (390k estimate per zillow) and could obtain a HELOC to cover the entire purchase price. 

Having your license opens many doors that you wouldn't otherwise have such as earning referrals, gaining access to real estate tools that you may not be able to without a license, and you can become a trusted resource by obtaining other certifications that are only available with a license.