thanks for the quick reply!

The breaking point rises quickly.

However, poor operations, poor financial assumptions, poor finance structure, or a combination thereof can quickly turn a great deal on paper from hero to zero.

If that co-signer isn't in a position where you can force them to pay if things go sideways, then the fact that they co-signed is just a promise and you can't cash a promise!

Our experience has been that most tenants book about two weeks out from a vacancy, so don't slash the price of your MTR too soon to your next ecpected vacancy(you will get nervous, I promise).

A HELOC is certainly an option if you could pay it off rather quickly or else you'll end up paying a whole lot in interest layer one. 

No way he could have grown his rental business that quick or developed scale, by buying his own properties.  

A prudent investor doesn't seek quick riches through shortcuts.

Send a written notice (yes, paper) to the tenants with proof of delivery required (the postal carriers have this time to an art form; it's inexpensive and you get confirmation via email or receipt very quickly; it does not require the tenant to sign - it just confirms that the notice was delivered.A paying, respectful tenant is golden.

Drop a post on this thread if you're interested in a quick call to share learnings.