I would be doing this will a local partner, we would buy the distressed property in cash and get a hard loan for the renovations.

Note:  Been pounding the table to BUY SMART any real estate since 2010.

Investment Info:Small multi-family (2-4 units) buy & hold investment.

I want to buy my first property in the Atlanta metro as I plan on moving there for a PhD next year and am specifically looking at multifamily homes but I am having trouble finding good deals.

I want to buy a studentroom (very popular here, cash flow each month around 400) for about 80-90k.

Investment Info:Single-family residence buy & hold investment.

I only recommend using a HELOC for scenarios where you'd be able to pay it back within a year.Alternatively, you can just buy another investment property with lower down payment, which is a better interest rate than anything you'll get on a 2nd lien HELOC/HELOAN. 

Best option is likely to buy RE with an already existing detached ADU.  

I believe that will be a paint point for you and may be better to simply buy a recently constructed building where there's less risk and far less time involved.

It's not investing to others points, but it is a way to scale and make money so that you can buy property.