I work with investors looking to start their turnkey portfolio, and then we manage the property on the back end.

If you were limited in cash reserves atleast you'll have the HELOC as a 2nd or 3rd back up source of funds to weather storms.

I did save some money to have as back up.

What if the smell was coming from a broken sewer line that was back-gassing into the unit, as well as leaking all around the foundation and rotting wood beams.

This money gets added onto the back of the loan kind of like a VA funding fee does. 

At this stage, the main thing we need is for me to get back into the workforce and get some money coming in, in order to achieve that dream.With that in mind, my immediate goal is to gain employment in the field of property management, as opposed to wasting my time working in another field that is not associated with real estate.

The owner should look at it more like a DSCR, and should be pricing the property and offering terms such that the income from the property is adequate to pay back the loan.

Thank you  you can only use your equity if you have the ability to pay it back.

You still have to pay that money back.

Many times they will hold back the renovation costs in escrow and release once you’ve shown the renovated unit and leased it.