That's why its best to inspect the property periodically and nip things in the bud before they get out of control.

In New Jersey, rent control laws vary by municipality.

It sure makes sense  - the builder has no skin in the game in controlling costs whatsoever.

So family emotions are involved in it too! 

When MLS was created in most areas across the country, NAR became a virtual monopoly in residential real estate sales controlling 89% of the market.  

I'm sure that it's taxing emotionally to have to deal with tenants as well as making the commute. 

Do you have any control over what the existing owner can do to the property?

If you can buy within a 2 hour drive (maybe Sacramento area, which is what I'm considering), you have a lot more control as far as checking on the property than buying OOS. 

If you can't keep control of your personal finances, you are highly unlikely to succeed in real estate investing.

Pay it off with a commercial DSCR refinance loan once you've gotten the rents up to an amount that will allow you to cash out on your HELOC.I like using my HELOC but only in short-term scenarios because it's a floating rate and I can't control when or how the bank will make adjustments to the payback variables.