We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

You take a HELOC for your primary renovations at 7%, invest the funds from option 1 to cover the payments of the HELOC.

We don't cover that area, but know that due to lower population density, finding a great PMC is difficult. 

The issue is, I'm not sure if my income will be enough to cover 2x the monthly mortgage payment that most loans require.

we have several properties now in McHenry County now, and we are looking desperately for an attorney that covers that area.

Also, are you doing separate loans, or one loan covering both properties?

I have a buddy that has been doing flips for a few years and he now has investors approach him asking to get in on his flips so he lets them cover the down payment/entry fee's for 30% return on their money.

This has to cover your debt payments also.3.  

He had this ambitious flip lined up and decided to tap into a 0% business card deal to cover the rehab costs.

Early on, rents would remain market-aligned to ensure the portfolio generates the income needed to cover expenses, pay investors, and reinvest in expansion.