I am also a great believer in investing when there is distress and deploying capital when you can.

Yes it will cost a few hundred bucks the first time, but then you can re-use your lease over and over, making adjustments as you go.As for background checks and other key services, I personally prefer to deploy various point-solutions.

Google search for an IRR calculator and it should be simple.As soon as the condo seasons in 6 months, do a cash out refi and re-deploy the money to scale your portfolio.

I have some extra money to cover expenses, but I'm unsure if this is where I want my money to be deployed.

At 54 years old there must be market knowledge, skills, or resources you could deploy to make moves.

I know many professionals that don't have the time to manage rehabs, but they have the funds to deploy and don't want to have a partner.

Mine is 99% of time the exact same ones, either (a) I'm all tied up into deal, $ is fully deployed.

Biggest challenge was being deployed in Iraq during a bulk of the remodel.

I think the MFR HELOC space will take a bit of time before lenders re-enter...they're mitigating risk for now, and investment 2nd position MFR loans are fairly high on the risk profile compared to other options to deploy capital. 

We are in a bit of a sketchy market, and it's probably going to get worse before it gets better.This means be patient, get educated, pick a niche, pick a sub market, and be very picky with where you deploy that capital.