We were discussing rehabbing our first level and decided to get a line of credit in order to pay for the rehab.

In general though, from a sheer high-level observation, I have been noticing all the real estate apps on my phone notify me of "Price Drops" more often than in the past. 

I use the following method:Pull compsGet potential rent numbersGet a scope of work (costs & to-do's)Ask yourself what a realistic ARV is.Ask yourself what level of rehab it will take to reach ARV target. 

Scott: Thankfully, our credit is good and yes, we make more than enough to comfortably pay this debt and not be stressed about it (while also still living the lives we want to live and taking our son on fun family vacations, etc...which we know we could use to pay the debt down faster - but he's only this young once so our priority is precious time/family adventures).

The main thing you want to do is an adequate level of due diligence to so you could have an Innocent Landowners defense if any environmental contamination was to show up in the future.

Would I use the high-level rule of 50% of gross income for expenses and see if mortgage will cover the rest?  

It has 3 levels of coverage.

We were discussing rehabbing our first level and decided to get a line of credit in order to pay for the rehab.

It was faster closings , lower down payments and 10 year callable with option to renew for another 10 years on different terms.

But at the same time there is something to figuring out where you can add value or pick areas of the country that will appreciate in price faster than the rest of the US economy.