investor friendly realtor. only work with license & bond contractors, since you’ll be out of state. whoever you get to be ur eyes on any project, make sure you trust them. definitely use that lot for more $$$ either build another rental or let the contractor rent it till you have a SOLID plan. double check laws & zoning! 

@Brett Dudley the inspector for any buyer should catch the roof needs replacing and any other major issues, which should lead to the buyer renegotiating/lowering their offer price to cover these.

Those who dream by night in the dusty recesses of their minds wake up in the day to find it was vanity, but the dreamers of the day are dangerous men, for they may act their dreams with open eyes, to make it possible.”T.E.

I don't have any STRs on the Oregon coast but we visit there often, have family in Brookings and have had our eye on the southern OR coast for some time.

Would a unused, open HELOC affect my credit worthiness or increase the risk in the eyes of a traditional bank lender?

As long as you can afford to cover this difference, then you are still in a good position to build wealth in the future once rents catch-up.  

The only catch here is that each scenario comes with its own rules and potential additional costs.

It does not seem to, but a couple properties have significant amounts owed to an individual through an Assignment of Rents document and I just want to get another set of eyes on this to make sure I'm interpreting this correctly.The deed conveys title to the purchaser free of all encumbrances of any kind existing before the sale, except:(a) Any lien for installments of taxes and special assessments, that installments will become payable upon the secured roll after the time of the sale.

Essentially a form of extortion in my eyes. 

(I use Midwest Tax Service - he also owns rentals so keeps a close eye on changes in the tax code).