That flexibility is key.

If your work schedule is flexible and will allow you the time to manage I would recommend that.

Going forward, I normally prefer to use the HELOC as it gives me greater flexibility. 

I generally don't like to stretch it into March.If a payment is missed (there is ZERO flexibility), then we return to court immediately and get possession and the judgment.

HELOAN are not as flexible as you have a set payment and as you pay the money back you cannot reaccess it.The more important thing is to come up with a strategy so as you aquire a property you are giving yourself the best chance to be ready to purchase the next property as quick as possible. 

We'd like to do the renovations ourselves so we can: learn how the guts of a house work to become better investorscapture more of the equity with our sweatpay for the project as we gosave money on material costs w/ CraigsList and Restore purchasesbecome more flexible, capable humansWe also think it would be fun.After 2 years, we will try to sell each unit individually as a condo.

More flexible underwriting less restrictions.Can lend on distressed property. usually you can finance rehab costs plus purchase.Can have Higher ltv on non owner occupied than many other options.Experienced in financing flips and invesment properties, can help advise and double check a deal.

I can definitely do repairs and manage property myself for the time being and take note of how much time and effort it takes me during first couple years.Only reason I have thought about going out of town is because my schedule is pretty flexible and I have family thoughout the states...

Set a renovation budget that is not flexible. 

More flexibility in accountant/bookkeeper to use as more and more remote accountants prefer this version.