My current APR is 7.15% I'm pushing towards the HELOC because lower cost on closing costs and refi interest rates are the same as my current loan right now. 

The rate quoted was 8.875% so I really want to stay close to that as well.

We should see rate cuts in 2025, so there should be relief on the way.

Pretty much any market right now is going to seem overpriced when you look at price to rent ratios and it's a rocky time to start flipping with rates doubling in a couple months.

If I come across a flip where we could pull the majority of the money out, or keep only a reasonable amount in and the rents would cover the mortgage, I would consider it but I haven't really seen that here since the interest rates have been over 5%. 

The property is a great deal so I'm hoping to refi down the road in the event interest rates come down to a reasonable value, then maybe repay most of the personal loan at that time.

As others have commented - DSCR Loans tend to be a great solution for people in your exact scenario - fed up and tired of giant hassle and paperwork for conventional or bank financing - not worth the often pretty small benefit in rate or terms.Check out this article I published last year on BiggerPockets on what to expect documentation wise for DSCR Loans - they have become a nice blend between solid underwriting and doc sets needed, but not too much (and not too little like notorious "no doc" loans)https://www.biggerpockets.com/blog/what-documents-do-you-nee...

What’s the interest rate?

Initially renting is likely cheaper, but when you purchase with a fixed rate loan most of your expenses are fixed cost.  

That means you are getting $730 rent, and the market rate is probably $1,200 or more.