I work split shifts and online is the best option for me.

Any particular online website or hardware store you prefer?

.$6,700 closing costs (which is factored into the loan) for a total of $145,400.Interest on the loan is %4.875Upfront costs are only $500 appraisal fee.$3,000 in escrow for taxes and home insurance.Monthly payment will be $1,375 which includes taxes and insurance figured in.The monthly rent is $1,650 so that will leave me a cash flow of $275.To remind everybody this is a SFH that I purchased 2 months ago and should be appraised at around $210,000.

I always like to start with the rents and reverse engineer it.Current rent $625-25% total (vacancy repairs cap ex management)Assuming tenants pay all utilities $470 left before monthly payment, taxes, insurance -$500(estimated) Monthly mortgage payment & insurance (no tax) for a 15 year loan.OR-$350(estimated) Monthly mortgage payment & insurance (no tax) for a 30 year loan.Depending on what kind of loan you have out15 year loan, cash flow = -$3030 year loan, cash flow = $120This does not take into consideration the rent increases.

If you are under the age of 23 I would say not to go for it unless you are totally and completely ready for this huge change in your lifestyle.

Either there's more to the story or I'm totally missing something here.

However, you cannot own more than 3 rental properties in total. 

If you google "lease .doc" or "lease .pdf" you will find a few options available online.

That said, if the OP is trying to do a HELOC on their existing home and not this subject property, than my comments should be ignored totally, except the part about THEY ALREADY DIDN'T QUALIFY FOR THE HELOC DUE TO INCOME.Also, "after rehab you can cash out"?

The dispersion of all houses within the total distribution of the market could go much wider than that.