Remember holding the note has tax ramifications. 

A relationship with a CPA should last many years, and they should have the capacity to advise you as you grow your business. 

I know DFW area is a huge hotspot for RE and I would love to learn and grow and find other investors who are also striving for financial freedom like us! 

Total rent should be $800-900/month.After inspection major issues we found were:-gutters/downs need replaced, drainage run away from home (water in basement)-chimney needs tuck point at minimum, bricks falling off-mold growing in basement (big chunks of white growth along all wood)-cosmetic work about $2k to upper unitSeller wanted $14k, we offered $10k due to the amount of work we need to put in.

My concern is by using the HELOC as mentioned then applying for add'l conventional loans as we grow our portfolio how will this impact our ability to continue to get funding from the banks?

Either way you end up growing in the end.  

Just remember to file notice of intent to sell as soon as you get title!

Remember when you are doing your computations that it is not just about the purchase price and rents... cash flow is dependent on many factors including taxes.Cash flow is King and Appreciation is Queen, you need both to build a lasting kingdom.

I would definitely talk with someone who currently lives in Indy as there are many different areas rapidly growing that only someone living here would have their pulse on. 

Affordable prices and booming economy and GROWTH:The region has been Virginia’s fastest growing for five consecutive years, with a population of 338,000.A highly skilled and expanding labor force of more than 1 million resides within a 40 mile commute.Strategically located just 35 miles south of the nation’s capital and 35 miles north of Richmond, capital of Virginia.Over 47 miles of Interstate-95 serve the region, carrying 120,000 cars per day.Excellent rail service is easily accessible, including Virginia Railway Express’s commuter service and Amtrak.