The higher you go in price, the ratios get too hard to make it work without leaving as much money in the deal as you would a standard down payment.

I think you really need to work with an agent based on what I am reading between the lines in your post. 

Quote from @Marcellis Mosby:I would bring the contractor with me on that viewing to get the full bid..

In the last year for Knox county specifically the median sale price is up 9.92% and the whole MLS is up 7.14% year over year.After beginning to recover in July and August, home sales throughout the East Tennessee region slowed up again in September which is somewhat expected as schools get back into swing.Mortgage rates remained below 7% for the entirety of September, for the fourth month in a row.

Welcome to the community and be ready for a huge amount of information at your finger tips.

Just use the built in tools and go from there.

The sqft seems to be the same - it just went from a 2/2 to a 3/1.  

Property to purchase would be a STR at $240,000 - so we would need the 20% down payment and we are looking at different options as the source of the funds.

For the S Corp, what is its purpose?

The strategy involves using the HELOC for a flip to generate fast cash, reinvesting profits into long-term rentals, or exploring alternative ventures like short-term rentals or partnerships.