Using a HELOC  is a great idea as it is essentially a cash purchase.

Purchase price: $299,990 Cash invested: $25,000 Sale price: $360,000 First Property - Buy Hold and Sell

I recently purchased my first property that I plan to BRRRR, and had used a homestyle renovation loan which allowed me to use a bank for the mortgage and rehab.

I did recently purchase a home to start our family in, however I would like to look for an investment property.

Is the property being delivered vacant in the purchase contract ? 

Unfortunately it can be difficult to identify legitimate offerings both on the lending and wholesaling side but if you stick to larger more reputable groups you should be in good shape.As far as requirements, hard money / private money lenders will typically require you to put at least 10% down on the purchase, often more.

The property I will be purchasing is a condo with a HOA that has a 1 month minimum rental period.

I am not sure about Newport News but in my market, you'll need 5-10% of the purchase price to get the deal in contract.Without a contract or a Real Estate license in VA, it could be a waste of your time to go out looking for a buyer.

The biggest mistake many make is purchasing their first property in low barrier markets with poor fundamentals  solely because the real estate is inexpensive and it’s the only place where they can afford to buy.

They changed the laws a month after I purchased.