., I find having a HELOC line to be most useful because you don't know how large these unexpected expenditures run or when.

I use boy an Excel spreadsheet and the BP calculator.Some things I've noticed that other experienced BP'ers like to see in order to help newbies like us analyze deals are monthly costs of insurance, capitol expenditures, maintenance, vacancy, mortgage, property taxes, and utilities.I've learned a lot from what the more seasoned investors have said about how much each of these costs should be estimated at.

The property manager would ensure no major capital expenditures were spent and should also keep vacancy time low.

You aren't budgeting for capital expenditures? 

If there isn't a whole lot of upside on the rents, then lower prices like that will make it very difficult for you to be profitable due to repairs and long term capital expenditures.

Categorize your expenses properly (repair vs. capital expenditure, etc.) and take all your lawful deductions.

The preceding sentence shall not apply to—50(b)(2)(A) Nonlodging commercial facilities which are available to persons not using the lodging facilities on the same basis as they are available to persons using the lodging facilities;50(b)(2)(B) Property used by a hotel or motel in connection with the trade or business of furnishing lodging where the predominant portion of the accommodations is used by transients;50(b)(2)(C) A certified historic structure to the extent of that portion of the basis which is attributable to qualified rehabilitation expenditures; and50(b)(2)(D) Any energy property.I would take the position that hotel-like activity is a sub-set of lodging under Sec 50(b). 

I would like some opinions on something that probably happens every day in the life of a business person.Let's say hypothetically, you own 100 Main Street, LLC.You were denied a Credit Card so all you have is a Debit Card, but you don't yet have enough money to pay for some of your capital expenditures.You do have $10k Credit on a Personal Credit Card that you have yet to use.If you go ahead and pay for some of those Capital Expenditures, for instance, a new boiler for $1k, a replacement fridge, $1k, etc. is this something that would pass an Audit of 100 Main Street, LLC if you claimed the Capital Expenditures on it's books?

You should account for vacancies, repairs, capital expenditures (roof, AC, etc), and (optionally) property management.Please refer to the 50% rule. 

Improperly calculating debt service, underestimating capital expenditures, and improperly forecasting future expenses, especially property taxes that re-assess at a higher value after acquisition are all common mistakes.