Just be prepared for tenants that can't afford to mow the grass, or change light bulbs. 

I can shed more light on this for you.

On paper I'm ready - I have the money, I've done the research, I have well-defined property/neighborhood criteriaI, I have an agent, contractor, property manager, lender, etc.I'm targeting off market deals with light value add potential in an area with high appreciation potential.

With the $38,000 from the HELOC, you can cover down payments, closing costs, or even some light renovations on a new property.One strategy you might consider is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat).This approach lets you leverage the equity in your current property without sacrificing your cash flow.

Especially on the right, where I wouldn't call those outdated finishes and the colors look nice, maybe just needs better lighting.

That's not something most carriers do lightly.

I had 200 units go into contract about a month before the market's light switch was flipped, but that deal failed to close because the market had collapsed in the subsequent weeks and the buyer was unable to cross the finish line, so I still have that one.These last 1,000 units were all part of my last two multifamily funds, fund VI and VII. 

It was 90k which included new sewer line, AC unit, flooring, paint, lights, kitchen sink and counters, bathroom.  

In reality there is likely to be a need to light the pilot a few times over 12 years.  

We have strict product codes, energy codes etc.