I would only do it if it was an absolute no brainer of a deal as if it goes south then you not only hurt yourself on that deal but also the property that you took the heloc out of.This also depends as if your current LTV is 30% and want to go to 50% is different than going from 50% to 80%.

The other day I started the thread Why do people Buy Property in California? 

But when you factor in the convenience of having everything done for you, it’s sometimes worth the extra cost, especially when you don’t have the time or resources to manage it yourself.

We usually do any touch-up paint while we are there also.

I have only been doing this for 5 years but what I have learnt is that it takes money to make money.  

Although I know most sec 8 landlords use it because of the perception of guaranteed rents.As a small home builder I really dont know how they are going to lower the cost of new construction housing unless the govmit subsidizes it somehow.. basically the price of home components are very sticky they only go up. with the xception of lumber that will go  up and down through out the year..

You subject yourself to a lot of risk on DIY.   

Use the top three or four discriminators so applicants can screen themselves.Then you need to have clear screening criteria yourself.

Let's say it's a family of 4, do you make them all pay for the aprox $40-$50 screening package?

If you have this debt and need money, you may not be preparing yourself for the challenges of being a landlord.