Work with a lender to figure out how much you can afford, what the best loan product will be for you, and what the cost-side of the transaction will look like.

@Tein Hlwa - there are renovation Loan products where you can finance the cost of the renovation as part of the loan.

First lien HELOCs are the most powerful investing tool I know of.I think I'd look for another bank or institution that offers the first lien HELOC and compare costs, but you are absolutely onto the right product so in general, pursue that with determination.And to avoid assumption, check out velocity banking if you haven't already.

This is a great forum with very knowledgeable members that will help to guide you in the right directionThere are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proIf you are looking to connect with other members near you, or want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could use the search feature here: https://www.biggerpockets.com/search/users

If you can provide details on cities, mortgage products, resale / preconstruction properties, years it took, etc.

Now the product I offer is fundamentally different, a 24 hours active service when I used to be able to do maintenance anytime I wanted during business hours for the most part.   

The higher your score, the better your rate and I doubt they mention the self sustainability requirement for FHA when it comes to 3 and 4 units until you get pretty far into the transaction.You need a decent broker that can help you navigate the mortgage waters; not a bank or a clearinghouse because they don't have the breadth of products you need.  

There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proI really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts

However, if you're specifically set on one of those markets I'd recommend Kansas City - landlord friendly state, lower property taxes, increasing population and diverse economy, a good supply of potential rentals that product good cash flow with a decent chance of future appreciation.

Make sure you check out all that this site has to offer.There are some pretty nice discounts on many products and services offered as Perks to BP members that you might want to check out: https://www.biggerpockets.com/perks/proI really like the alerts feature that can quickly guide you to current topics that may be of interest: http://www.biggerpockets.com/alerts