You should consult an accountant on what is an appropriate method to use to allocate it.

You should consult attorney for legal advice and CPA for tax advice. 

Consult your CPA and attorney. 

Important you consult  your accountant,  but it's my understanding you use the Heloc strictly for the investment & do not mix personal use with the investment use so the interest is tax deductible. 

I've recently started doing some social media consulting as well as online flipping while I'm in school to fund my first purchase.

Hi. If I purchase a rental property out-of-state (remotely), after signing the closing and completing the purchase, some time is probably required to perform rehab before passing the property to my Property Manager to...

Go consult with a LOCAL lawyer to make sure that what I've just told you is true.You can't just buy the place from the owner and put your boot in the tenant's butt regardless of whatever agreement they had with the former owner.

. - Speeding up your learning curve: Work with a consultant, coach, mentor while you do pay more.

I'd recommend talking with a tax professional and booking a consult to talk about this particular question and any other questions you may have as you start your journey.If you need help finding a tax pro, I'd look right here on BiggerPockets.  

It might leave after you have 20% equity in your house but you'd have to consult a loan officer or banker for that.