HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

With this type of loan, you are required to intend to be an owner occupant of one of the units for the first Year.

Or the type of transaction--for instance, financed or cash. 

I have local NJ Credit Unions who have better rates, but their qualifications are a bit stricter than the HML-type folks.  

There are definitely parts of Killeen you want to avoid in my opinion and target a certain minimum rent/unit depending on the property type.

I find myself "googling" for every repair that comes up even though many of the jobs are small and could be completed fairly easily by a "jack of all trades" type (or me if I had more time!). 

I’m an agent in northern Iowa, we sent out mailers to owners of hog confinement building, informing them we have people looking for this type of property.The only snag for most sellers, is our attorney says you cannot 1031 from these buildings into farm ground.

I have several conventional loans for the types of properties you describe.

I've typically never touched these types of units. 

I think that came about during the great recession where those type of deals were much more accessible.