There would be too much back and forth to address what additional information is needed here to help you accomplish your goal.    

Just make sure you know the rules for loans with a non-occupant coborrower, as depending on the relation (whether they are a blood relative or not) and the type of loan you plan to use, there can be additional requirements for LTV and DTI.

But since there is no longer a house they want me to pay an additional $120,000 skin in the game! 

Rates are coming down right now and a cash out refinance offers additional benefits that a Heloc cannot not offer.Heloc cannot be used as an "Asset" or for PITI reserve requirements when buying another REI.Heloc is an open end mortgage aka debt obligation and can cause DTI issues.Heloc is in 2nd lien position which means you cannot borrower more until you pay off the Heloc.Cash out refinance offers a 30 year versus Heloc typically 15-20 year higher rate.

I am originally also wanted to know, if total costs are the same, would people rather spend more on the purchase price or on the rehab? 

I’d prefer to spend 500 dollars on multiple books rather than on one course.  

So IF you can find someone really qualified (not someone who just read a book on it, but has walked the path) and will to spend the time to get to know you and then coach you it would probably cost you quite a bit.

You may be able to find something an hour outside of Orlando close to the $200,000 price point, but even still you're likely going to need additional funds in order to get into it.

Just currious re any unforeseen issues with foreclosing the note AND getting the property back with FMV (fair market value) below my credit bid (the price I gave the auctionier as the min price I'd take).FWIW's- FANNIE and my note allows me to protect my note by spending funds on legal etc to cover Notice Of Default,  Legal services,  Foreclosure service. 

He spends A TON of time with his family, moved out of the country with his wife and kids, and "retired" off of a relatively small portfolio with little debt that took about 20 years to create and consolidate.