I have done some searching in my alma mater's town and I see potential for upside, but I recently drifted from there to out of state multifamily.

@Anthony Martinez where is your credit score floating around right now? 

Well I can certainly understand how you missed it, since I only mentioned it about 5 times (as well multiple times by multiple others in this thread).Its exceedingly simple and if you had done any real research it would have jumped off the page and slapped you right in the face.The primary members of the group floating this proposal are the very same coalition that have been attempting to over turn IN TOTALS Prop 13 for many years, but have as to date failed miserably in their efforts to destroy it for all.So now they have reverted to some of the most despicable divide and conquer tactics of class warfare by nakedly and shamelessly pandering to people's envy of those they perceive to have more than they do.

What is best option to fund: 30yr 400K fixed rate loan with about 4% interest (250K reno and 150k to make payments until we get renters) or HELOC still 400k but with floating interest initially about 3% (10draw/20pay) Thoughts?

The Structural bracing, lateral loads, snow drift, etc. require a higher safety factors.

There is so much cheap money floating around now that I suspect the game is no longer just about cash flow but about sheltering good debt.Any available real estate is likely one of the best shelters of cheap money.Since cash will almost never be this cheap again,it's common sense that hiding as much of this as possible today even in a marginal deal is a no brainer since the same cash may cost triple the interest rate within the next decade.It beats burying it in the front yard.And neither Gold nor crypto cash flows.Happy plunging inventory !

Once you have a nice bit of extra coming through your business, then use the business to buy your house on the water or whatever floats your boat.Call up @Sonya Mays and have her show you some things that tick off MOST of the boxes on your list.

If you are late in the cycle for several of these, you'll want to have access to some amount of capital that will be sufficient to float the inevitable replacement of these items.  

If he doesnt have any cash savings how will he float the overhead of owning a business until profit comes in?

As for lenders, there is so much capital floating around that a buyer can find a lender who will be willing to lend on an otherwise innocuous looking tank. given how suburban homes are red hot right now, I'm sure there are lenders would be willing to loan against the house.