Financing out of state investment property. Tricky...

[Chris Daugherty]

First thank you for reading and helping.

So the background:

I own two condos free and clear. Rented at 1200 and 1700 a month on contract. 

I have a heloc on my primary for about 60k of 100k @3.5%. The house is appraised at 140k.

I have a credit score above 770 with all credit score measuring sources.

I want to purchase a condo in Nashville, TN for investment at first and potentially relocation in the next 5 to 10 years. 

I am looking at 200/300k.

On paper i make around 40k a year. 

How feasible is it for me to acquire an investment loan considering the above criteria?

Also what kind of rate would i be looking at?

Would using the remaining balance of my heloc as a down-payment on the investment property work for me or against me in qualifying?

Any and all help is greatly appreciated.