Banks can call them anytime and if it’s a variable rate I would be careful with that.

Obvious risks there are usually a variable rate on the HELOC which can cause some potential issues as rates potentially rise.

My guess is the true power cash has will vary depending on markets, seller motivations, and other variables.

There are too many "What-ifs" and variables that I personally would never even fathom, or have the time to think about. 

Appraisers shouldn't just comp of price per unit there are more variables than that.

So many variables, gotta have some thick skin for that potential roller coaster ride..

Any other variables we should consider?

(Hopefully if you don't use the CAR lease then your lease has a similar clause that holds the tenant responsible for toilet/plumbing clogs/blockages that they cause.)So, as you can see, there's far too many variables to give you a simple answer as to when to authorize the afterhours service calls and when not to. 

A fixed rate 30 year seems better than the variable rate HELOC, but having the flexibility to decide on pulling less equity out as I go might be beneficial.

The problem is it's very easy to manipulate by changing the proforma variables and I always recommend first time clients instead analyze deals by market rents to purchase price ratio.