Would a unused, open HELOC affect my credit worthiness or increase the risk in the eyes of a traditional bank lender?

It does not seem to, but a couple properties have significant amounts owed to an individual through an Assignment of Rents document and I just want to get another set of eyes on this to make sure I'm interpreting this correctly.The deed conveys title to the purchaser free of all encumbrances of any kind existing before the sale, except:(a) Any lien for installments of taxes and special assessments, that installments will become payable upon the secured roll after the time of the sale.

Essentially a form of extortion in my eyes. 

(I use Midwest Tax Service - he also owns rentals so keeps a close eye on changes in the tax code). 

Large institutional properties in Southern California are the safest and best investments in my eyes.

If you can invest in a location where you have friends or family who can be your eyes and ears on the ground you are more likely to have a positive outcome.

i cover pest control and lawn care on my stuff. keeps down on issues and i know the place looks good. for my student rentals i also build in a quarterly cleaning fee where my cleaning lady comes through and does a deep clean. extra eyes on stuff and parents happily pay it to ensure their kids have a solid spot. pass through cost for me and well worth it. 

I have my eye on: Montgomery, AL; Huntsville, AL; Greenville, SC. 

This is VERY hard to do for someone that isn't a knowledgeable agent with an eye for detail.  

Remember, all big investors had to start at the beginning, so keep your eyes on the prize, stay strong, and be open to learning.Good luck!