When you run the numbers, there could be a scenario, on paper, where this makes sense cash flow wise, because of the interest only nature of the HELOC you have.

That's the kicker with class D - looks good on paper, doesn't pan out that way in real life True that.Paper returns are always different to real life returns.We also never calculate our time and risk as they aren't tangible estimates.D class comes with a lot of time and risk associated with it.And PM needs to be really rough in order to make it work.

@Jeffrey RichardIn many of these areas while it appears on paper these assets will provide cash flow there is the possibility they do not due to the type of tenants are typically lower quality and have payment issues, properties need more maintenance and upkeep etc

As everyone else already said - give them their walking papers.

That way you have a pretty solid paper trail if you ever get audited.

This goes for Recessed Cans, Sconces, Pendants, Chandeliers, Lamps, Outdoor Lights, etc.  

No cash flow real estate investing can be frustrating to newbies... you are doing all the work, and not seeing any 'pay' for the effort except on paper where you property is worth more.  

a paper trail!)

On paper what you're describing might sound doable - but it sounds like your perspective on REI is based off of knowledge of only the "good parts" Managing and owning rentals (yes, even with a PM & price point of sub $50k) comes with its own challenges and headaches. 

From the photos I see on the listing, it looks like it could need:-Removing wall paper and painting-Kitchen remodeling-Removing carpet - replacing with hard wood floors- Not sure about bathrooms (no photos )Note:Roof was replaced 2018 so that is good.HVAC is newWhat do you think?