However, with the rise in interest rates, I am fairly certain that a threshold ratio of 1 will not be met. 

I would just renew at the same rate if you have concerns.

Hi Rob,If you believe the HELOC will be sufficient for the purchase & rehab, it could make sense to use the HELOC given the interest rate is lower than a hard money. 

If possible I would want the amortization over 25-30 years.I know cash out refi is quite expensive with the origination fee and everything, early pay off could cost too or drive the rate up.

While I have some basic knowledge, any advice or tips for the purchase process would be greatly appreciated.Asking price: $460,000Mortgage Type: FHA / Fixed Rate / 30 Years / 3.5%Unit 1: Primary ($1700)Unit 2: Tenant ($2000)

Will your returns drop? 

i keep seeing stuff online about rates are dropping.

I had planned to take out loans in a cashout loan but rates accelerated too fast in 2022 and I never got that chance.But now that everyone is talking rate cuts I’m kinda thinking I take the deal and hope I can refinance these 2 properties at 5% interest (or less) sometime before 2028?

This agreement lists pretty much everything to do with selling the home: how long it will be on the market, what price it will be offered up for sale at, how it will be advertised, who will have access to the home, and the commission rate and split.

You've experienced the appreciation so far at a reasonable rate, so what has happened that would make you think that would dissipate?