I want to avoid personal guarantees and limit my cash outlay as MUCH as possible.

My goal with real estate is to eventually create a lifestyle easier to control (Flexible with Time & Money).  

It really depends on how much equity you have in your primary residence.You could also use the HELOC for down payment and cash reserves for any rehab or maintenance needed.Then once the property is stable you can cash out refinance to pay your HELOC back and replenish reserves.With the limited information provided this would be my suggestion.

However, I live in an expensive market (NYC) and so will likely have to be limited to buying an investment property out  of state so that it can cash flow.

@Neil Haven a four unit property will qualify for many commercial programs, which may be the way to go.With a commercial policy, you may have more flexibility with choosing the building limit and can pick and choose which coverage's you want.I would suggest calling a local Independent agent. 

Too many big companies like Redfin, Realtor.com, Zillow, control the marketplace of advertising because they quite frankly have much, much, much, much larger budgets than the rest of us.That said, I would spend the money sparingly and try to get the most bang for my buck. 

This is a great vehicle for retirement wealth building, where the investor has more control over what they are invested in compared to traditional investments such as stocks, bonds and mutual funds.

We are just wondering, again since this the 2nd time that someone limited the time to 3 hours, if it was just the inspector we want to use and our own expectations that are in the way.

But would obviously need a partner because I know my limits.

✓Second Home Requirements  must be occupied by the borrower for some portion of the year  is restricted to one-unit dwellings must be suitable for year-round occupancy the borrower must have exclusive control over the property  must not be rental property or a timeshare arrangement1 cannot be subject to any agreements that give a management firm control over the occupancy of the property