I wasn't until the housing crash that rates fell below 5% and started breaking new lows.

We were able to find someone that met our requirements and we are using this experience as a crash course into being landlords.

Would be a crash course that you can apply for the rest of your life. 

Granted we have just witnessed one if the longest real estate recoveries in our lifetime following the largest crash in our lifetime (assuming none of us experienced the Great Depression) but there are no major signs of real estate faltering right now.  

It's an easy way to get going or keep going.The downside is that you over-leverage and it comes crashing down.

Whole deal crashed because now we have to wait 60 days for them to be out according to CA law since they were month to month.

Granted if the market crashed tomorrow that would be trickier.

@Vincent Serpico, It's not just about the sheer size of a crash, although 40% is a heckuva crash. 

you can sell and no lose too much money, and look for a good investment, since it sounds like you paid too much relative to rental income  (mine is the same, but it was not bought as an investment, just my last house in a market that crashed so I couldn't sell without pain)

I am going with HELOCs because I'm trying to expand my buying potential for if/when another crash comes.