Here’s our OPINION for the Metro Detroit market (use as a template for your target area!)

My opinion (although I don't think your making a bad decision by any means) would be buying gently used for cash private party.

@Justin Boyd just saw the location on this, I'm somewhat familiar with that market, we do quite a few retail deals in CLE and the surrounding areas, I'd be happy to give you an opinion on the site if its helpful.  

I'm interested in everyone's opinions on using a HELOC to purchase turn-key rentals for the short term and covering principal paydown across all new mortgages / loans ( HELOC ) through excess income. 

I'm not trying to be mean, just giving my opinion that you likely don't have an argument here.  

Greatly appreciate for any suggestion or opinion on this. 

I dont have any experience in this market but have looked into it a little bit, I know that you can get the houses pretty cheap there but my concern was with the long term appreciation - I dont believe it is a highly desirable place to live and so there wont be much appreciation -however that is just my opinion and I really didnt look into it much,  I think it would be a cool place to live as I go to Monterrey all the time, but its hard to say. 

In my (newbie) opinion I would say buy it.

With house hacking, there is a simple rule in my opinion: The more uncomfortable you're willing to live, the better the numbers can work, the more comfortable you need to live, the less the numbers will work. 

@George JanIn my opinion, there isn't as much regulatory compliance or liability with something like a municipal bond.