Using a HELOC to fund your first rental can be a great strategy, especially if you want to preserve your cash for other expenses or unexpected costs.

The end product will be great, as others have mentioned perhaps in other threads, Delta has not increased any of the cost, so there is still a huge equity upside.

I've done this on one house in order to cut costs - since then, I've added a meter with the utility company but it's a good workaround for the short term. 

Co-living will be necessary due to housing cost. 

Take their ARVs and cost of rehab with a grain of salt.

. - Both parties share the risks, including market fluctuations, project delays, or unexpected costs. - It’s recommended to have clear agreements outlining each party’s responsibilities, profit-sharing ratios, and exit strategies. 4.

Understand that the cost to the investor is only the cash that's out of pocket. 

For these, costs tend to double across the board, especially for older buildings.

Also you should inquire with insurance agents about the cost to insure.

The short version is that you want a strong and diverse job market, low unemployment rates, a growing population, low vacancy rates and new development, affordability/cost of living, real estate laws and court system, good schools, and low crime.Check out the videos from Dave Meyers with BiggerPockets.