I called about 20 banks/credit unions and the only two that would do a HELOC on a rental were PenFed and Navy federal.

These issues consisted of: Adding a pergola and built in barbeque grill to the swimming pool areaResurfacing and restriping parking lotInstalling three French drains to solve a water draining issueBuild maintenance shopRepair retaining wall along east side of propertyThe interiors are in good shape, but to get the rental increases we needed to take the property from 2005 to 2019.

The home is essentially in good shape but dated as it's about 20 years old or so and could use some modern upgrades but it was the model home so it has features like granite counter tops, dual pane windows, French doors, etc...

I'm seeing USAA and Navy Fed offering around 3.5%.

Lots of Navy presence (and healthcare) there.

Minor Plumbing/Electrical issues, the need for a french drain in yard, and minor cosmetic touch ups (paint, new doors, etc...)Since we have zero experience and we are investing out of state, our fear is that the cost of  the repairs to "house B" would out weigh the AVR the property could achieve.  

I am 23 active duty navy and a contractor that only works with investors and property managers.

Unfortunately the Navy usually sends me to pretty expensive markets, so I've been practicing analyzing deals in the Midwest.

Go Navy!

My husband and I just recently finished our enlistments in the Navy and are going to school using the GI Bill.