I’m going to be real: I don’t own a property yet, and I don’t have a pile of money sitting around.

Using a heloc as 1st mortgage really only has a major benefit if you have idol cash sitting around from your paychecks. 

I hope you or someone is at least keeping an eye on your properties for break ins, squatters, roof leaks, temperature control, frozen pipes (if in cold climate), if you have a basement and sump pump goes out leading to water damage etc.I just talked to two investors in California that have let their properties sit vacant (no mortgages so paying property taxes and insurance).

You buy investments and everything goes well, so you sit back on your laurels thinking this is a pretty easy gig.

We'll try to figure out if there is some defect causing that unit to sit. 

@Kevin Sobilo I was speed reading and wasn't actually looking for a perfect analog but your assessment doesn't sit well with me either. 

It's usually better to earn $200 less a month for one year than to sit vacant for two months, particularly in the winter.Consider a bigger drop for a 6-month lease to get through winter, then increase rent or find a new renter in the spring when competition is hotter.

The rehab expenses don't line up but they are not stealing, I would suggest having a zoom call or sit down with their PM or account manager to see what is not lining up and where you see issues compared to what they have on their sheet. 

I just want to sit back and collect cash flow checks. 

I got about 1.2M just sitting here would like to put to work.