a lot of people will poo poo this, but I also live in a market where cash flow is low, property taxes are high and properties are expensive (which is a relative term).

I find this option best if you are on a tight time frame and need to save a couple of weeks.  

I have one long term partnership that we share capital but I still do all the work ( rain maker) he is a cpa so he does do the books and tax return though :)  WE built one subdivision together were he put in 500k and I made him 1.2 mil in 18 months net profit so that was not bad.

Taxes were $1363 a year.

It is a tax write off.

I have equity in my CO rental; I don’t have a large enough sum saved up for a down payment yet so I’m wondering if a HELOC would be an option on my CO property. 

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Quote from @Brandon Croucier: Hi Kathy, at the end of the day the mortgage industry is so vast & wide it's essentially like trying to navigate the Sahara Desert.I highly recommend working with an experienced mortgage broker who knows the ins and outs of the industry to place you into the most competitive product for you.More times than not, people save money working with a small shop broker.Kathy,I wanted to revisit this to offer a a tad bit more and Brandon above is correct.

Literally to save their lives.

The taxes and insurance sound like where we are in St Augustine and NY.