$6k tax.Ins,hoa, not to mention utilities . took out a HELOC off of our personal home ( res.worth $900k, and a 260sq ft studio, mtr. $1450 mo.) for$ 220,000 for the deposit.

@Jae Jun: Although the conversation has changed much, and toned down regarding proposed restrictions, the plan from jump has been to allow anyone with an existing STR, so far defined as a place that's been rented STR at least 2 consecutive days in the last 6 months, to get a permit and be grandfathered.

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

Since your property has high resale potential, some lenders may be willing to work with you.Cash-Out Refinance – If you’re open to refinancing, you could take out a new mortgage for a portion of the home’s value (say, 60-70% of the $500K), and use the cash difference for renovations.Personal Loan – If you have good credit, you might qualify for a personal loan for part of the rehab costs, though interest rates are typically higher than secured loans.Partner with an Investor – Given the potential profit, you may be able to find a real estate investor or contractor willing to finance the rehab in exchange for a share of the profits upon sale.Your best option depends on your financial standing, timeline, and risk tolerance.

Managing five rentals can eat up a ton of time in any given week, often at times that are inconvenient to you and your personal interests (family, hobbies, travel, etc.).Of course you can manage on your own.

I would not borrow from ANY lender I learned of over the internet unless I knwe personally people who had used them. 

I ended up maxing out the HELOC while I watched my rate climb to 11.5%.So lessons learned... at least for me personally I kind of got addicted to acquisitions.

I would network in person or in FB groups. 2-3 months to close is crazy.

More due diligence and follow up, does this person have a job that's consistent for at least a year?

instead, why not find a market 1-2 hours away where you can be hands-on / in-person?