Purchase price: $169,000 Cash invested: $55,000 Property needed cosmetic repair.

I don't know if this is true, however it would make sense that when you routinely pay down the HELOC, your interest amount declines and is not based on 6 month ave.

If you're going to do that and want cash flow, you'll very likely need to at least make some cosmetic improvements to the units to raise the rents and then manage efficiently.

I have done this routinely with people like Josh in my real estate world. 

You’re the insider who can ring someone up, say you’ve got a contract on a property ripe for a cosmetic upgrade, and watch them perk up.I’d say give it a whirl, see how it feels, and don’t hesitate to tweak your approach as you learn.

.$8kish / year or so on routine and reactive maintenance combined which should include your cleanings, lawn care, maintenance calls ect. 12% per month of gross rents should be a good estimate if you want to look at it like that!

It seems that if you can find a good deal on the purchase price, are willing to do cosmetic updates (floors, painting, maybe a kitchen) you can get that 100-200/month cash flow.  

Maybe at first you judt do cosmetic rehabs.

I usually recommend clients a pretty easy cosmetic rehab which is refinish floors, replace cabinets with modern white ones, add a white stone, new appliances, new bathroom vanity/mirror/light fixture and add in unit laundry. 

If you are doing renovations that are more than cosmetic, you should be pulling permits and those generally require contracts because permit pricing is often based on contract value.