The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.

Kind of like a game of craps.

HELOC appraisals are notoriously low, just part of the game. 

I think the play would be buying a property that needs some rehab and you can split off a new lot due to new lot sizes and setbacks.

They are just playing with fire, really, but it happens everywhere.

Some carriers offer loss assessment insurance, which can come into play when the HOA experiences a large covered insurance loss, such as a hail storm requiring roof replacement or a fire requiring building replacement.  

You have to find a way to implement your game plan within the confines of either an LTR or STR DSCR underwrite assumption.

IMO, only worth it if you have access to enough capital to scale your efforts, though.Can't be compared.To do well in the lending game, in addition to controlling your risk and what others have mentioned, you need... 

Sounds like a game-changer, or does it?

This typically comes into play with big banks (Chase, etc) who are buying the loans to place them on their balance sheet.