This doesn't mean you should because out of state investing for a newbie is difficult and if you listen to the wrong people can really burn a whole in your pocket.That being said, if I were you, I would likely diversify my assets.

So everything hinges on appreciation, which could come back with inflation.Primary residences are often not good rental assets.

Don't amortize the concession, that affects your NOI and the valuation of the asset. 

Can you share how the deal is structured, how you got the investors on board and a more about the financials ?

You are still personally guaranteeing the loan.And you did the right thing by putting the assets into an entity, especially if there is equity.

That's going out and getting a brand new car with the expectation that you could sell a depreciating asset for more than what you paid for it.

Yes, it costs money and is probably not worth it for under-7-figure assets/portfolios.

Just because the costs might be in the furture does not warrant not budgeting for those known expensesThen there is the misc costs of asset protection, bookkeeping, unexpected utilities (such as between tenants (tenant turn over) or failure not attributable to the tenant such as slab leak).  

Whats a typical multiple for such asset?

The key is to ensure the HELOC doesn’t turn into a long-term financial burden if the partnership doesn’t pan out.