I'm in this for the long haul :)What makes you opt for refinancing vs. a HELOC on the place?

One was on a duplex we had removed multiple layers of old linoleum from and staged on the front porch to be hauled to our dumpster and the other was that house fire I wrote about on another post.In both cases I was able to immediately call the city inspector, get an understanding of what the issue is and identify that I "work in Toledo, invest in Toledo, pay taxes in Toledo, believe in building a better Toledo" and give them a specific time when the issue will be resolved.

I'm not sure how I can word this if the machines themselves aren't running properly.Do I cut the cord and have the washer and dryer hauled away?

If they move out after 10 years, you will have a had time explaining to a judge that a replacement is beyond normal wear and tear, assuming the tenants would haul you into small claims court.

Most good agents will stick by you knowing that the savy investor is in it for the long haul and not just one deal. 

Don't count on that income over the long haul.

Kids suck up toys, etc.

This is because it is true that in the short run the market can be volatile ... however, the only ones who lose out are the ones who panic and sell, are forced to sell, or get foreclosed on, but every other owner has won big time over the long haul in CA ... if/when you decide to buy, make sure you will not become one of those people (thus the added requirements).One other thing to think about that I've had success with ... rather than selling in 5-7 years to trade up, consider saving and/or cash out refinancing the down payment on your next place to buy without selling.

This is a great way to obtain multiple contacts which in the long haul you will need. 

The jury is out on whether it will be a good or bad investment over the long haul.