I really want to make sure it is done correct and not half assed. 

If the property is in a rough part and only rents for 1000 and is harder to manage than a rental that's double that and it's percentage based they gave to be compensated fir the extra work. 

For one of my multi-family properties, I chose to dig my toes in the sand and make extra payments on the principal until it was paid off. 

@Kobe Carr Please pay extra close attention to the property taxes on anything you buy in Texas.

I moved from L.A. via Miami to Waco a year and a half ago and was amazed at the real estate market I found here.

Finally, he leased the property (actually about half the property) to a tile distributor.  

You'll be extra fine if you only buy in good locations where tenants want to live. 

If there aren't issues with this and it wouldn't be too much extra work, I'm really just looking for an additional tool to incentivize our borrowers/purchasers to keep paying timely each month. 

(it will take you 163 months to break even on your cash outlay by paying that extra towards principle).

The bank or lender holding the Heloc can and will close your line of credit or cut it in half with zero notice.