Every item has a lifespan and collecting maintenance/replacement costs should start as soon as an item is put into service.There are lenders that will provide HELOC on rental properties but they are not extremely easy to find.  

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at

I really see Columbus Ohio as an extremely safe bet for the next 10-20 years.

I am an out of state investor in Indy and recently got my offer accepted but the lender is now offering an extremely high rate 6.375% with a 3.5% discount rate for $3,172.

At an extremely reasonable 5% return you'd be earning $500K per year. $5mil in RE and $5mil in REIT's/stocks gives you great diversification, liquidity, and cash flow in my opinion.

Also how to use rental income from tax report or using appraisal opinion, they are all different.Wells Fargo vs LoanDepot vs AnyCreditUnion could have very extreme DTI calculation when number is assumed by the underwriter.

Rent control more extreme than the statewide rent control.  

Extremely light rehab and could get on the market very quickly How did you find this deal and how did you negotiate it?

I think that what you're looking for is extremely achievable here, at a minimum.

We've found little blue fentanyl pills (extremly addictive and deadly) in cracks in the floors and in "out of reach" places they had fallen.