Also, I'm stuck with out-of-state investing which brings a whole series of risks with minimized financial upside (in my opinion) 

CoghillWe’ve used AppFolio for many years to manage a large portfolio, and while onboarding can be thorough, it’s primarily to ensure compliance with financial and legal standards.

If a tenant (friend) needed to move, I wouldn’t want to be in a bad situation financially.

At one point I talked to my financially advisor and he said that it would be smart for me to open a HELOC on the property, but not draw from it, except in the case of emergencies.  

There’d need to be a lot of rehab work/managing that would require you to put in that many hours.From a financial perspective, it seems like the highest leverage way to keep buying more properties is leveraging your W-2’s and then being work optional.

Thank you for the financial breakdown!

In most situations, the more profitable a property is, the higher percentage the GP is paid.

@John LasherI don't know your exact situation. 

That truly determines the successful from the unsuccessful, making it happen despite all the odds against you.I have a similar story of finding real estate and achieving financial freedom over the course of 4 years, going from 0 to over 300 doors.

What should I pay attention to if i was to get a property in this situation through an auction?