100% LTV HELOC with Turnkey Properties

[Gordon Lu]

Hello, I am new to BP and thought I'd share my plan for some feedback. 

I currently have three rental properties and am in contract to purchase a fourth. 

The first two are roughly 130k value and have owner occupied mortgages (I house hacked and then moved) and the third one I bought for 55k with cash (35k cash and 20k loan from my 401k)

I have 50k available from two HELOCs. I am in contract and am planning to use the heloc and 5k cash to purchase another turnkey property for 55k. And then turn around and open a 100%LTV HELOC on the new property and repeat or use the heloc for maintenance until it's paid off and repeat.

I am not sure how many times I can repeat this (lender said we'll just have to quality one at a time) and assume that eventually I may qualify for a portfolio loan if I have 8 or more turnkey properties. 

1st house, 101k mortgage at 4.125% and 20k heloc at prime+2. 1400/month rent. 

2nd house, 118k mortgage at 3.625%. 1350/month rent. 

3rs house, 30k heloc at prime+2. 650/month rent. 

4th house: potential heloc at prime+1 80LTV, prime+1.5 90LTV, or prime+2 100LTV. 700/month rent. 

I hire a property manager for the first two and the turnkey company manages the second two for 10% each. 

I essentially will have no savings after this next purchase but I will continue to put aside approximately 1500/month for investment from my job. 

My goal is to get approximately 100k a year in passive income as quickly as possible. What are some thoughts on this strategy? Particularly I'd like to know the variants and their associated risks. Thank you.