We are building a place with HELOCs then after it is built we will finance it and pay off our HELOC, at least thats our plan. 

Mine is a 2022 build  Hey Ryan, Your property checks alot of boxes for me for a MTR focused on attracting families as a whole home rental.Single story, Good school district, Little to no competition on Airbnb, No HOA.I bought a property once in 2015 and it barely cash flowed as a LTR but now 10 years later, I cash flow as a LTR about $600 per month. 

I'm especially interested in hearing about how you've made a PMS geared more toward STRs work with MTR billing and leasing.I do remote operations support for an MTR/LTR company in Denver and am assisting with our tech stack build out. 

To invest out of state successfully, focus on building a strong local team (agent, PM, contractors), automating deal analysis, and using contingencies to protect yourself.

My goals are to start building an investment portfolio of professionally managed (I could tell you all the reasons I will not do it myself) multi-family properties and, in time, develop a property in the Northwoods (Wisconsin/UP).

Perhaps you have coverage for the replacement value BUT the insurance company when calculating the replacement property uses modern building materials like drywall but your original house had plaster which is much more expensive.

Building components:Most SPF lumber comes from Canada.Most of our copper for wiring comes from Mexico.Most of our metal fixtures come from China.Tariffs and economic wars.  

Consider building your portfolio with duplexes for this reason.To Your Success!

  $2800/month is what I would expect from 1 unit not the entire building

There's real potential there to build a successful portfolio.If you’re looking to connect or need any insights into these markets, feel free to reach out!