At this point uncertainty in overall macro economic conditions makes me a little hesitant unless I can find something in a relatively stable market that produces a double digit cap rate. 

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookGo to IREM.org search for ARM certified property managers.

Go to IREM.org search for ARM certified property managers.

@Christopher AdamsGo to IREM.org search for ARM certified property managers.

Initial loan: $67,500 ($11,500 down payment - approx 14%)2 Year ARM, amortized 30 years, initial rate: 8.360%First rate adjustment: 5/15/08 - no greater than 11.36%; no less than 8.360%Rate changes every 6 months thereafter.Second mortgage / refinance:  Date: 6/3/08. 

Shop for the best terms (30 fixed vs arm 20/5 et al) and get a Loan Pre-Approval letter to ensure your numbers match the underwriters.Best Wishes.

They provide LOC's for purchase at auction albeit the program is very stringent to get approved, and you need to give your left arm and first born as collateral along with your life, lol.  

If you do need the funds, boom there they are with a mouse click and you can later refinance the debt into a 15/30 year fixed.Fixed rate traditional 15 or 30 year mortgage will be the option to go with if you're 100% certain that you will need the funds within the next few months and/or have some other place you can put the money to work before/unless you need it.The reason that HELOCs aren't the best 100% of the time is that they are typically ARMs and there are closing costs to consider.

I hope I can become armed with knowledge to make wise decisions.  

@Fe KellyTo find a deal go to IREM.org search for ARM certified property managers.