Process is simple. 1. purchase contract2. send contract to title company3. bring cash to closing and you're done

I have used HELOCs for probably most of the purchases of the properties I own. 

Have you guys ever purchased a property without physically seeing it?

Typically starting with a smaller rehab budget of $50K or less (maybe a max of $75K) and avoiding a 1 to 1(or higher) ratio of purchase to rehab costs is recommend when you are first starting out. 

Does the LLC legally own the property that was purchased? 

I’m in the process of purchasing a second home in Aspen, CO, which will also serve as my first STR property.

Purchase price: $900,000 Cash invested: $15,000 6BB/3.5Bath 4000sf on 3.4 acres near several wedding venues.

Purchase price: $240,000 Cash invested: $60,000 purchased this distressed duplex using owner financing for $240K and a $60K hard money loan for renovations.

The only two ways to rectify this are (1) purchase the property far below market price or (2) significantly increase the property net income usually through some method of “repositioning”. 

I purchased a single family to rent out the rooms and it sent my finical plan completely off course because I was not as ready as I previously thought.