If we are purchasing properties when the market is a highly appreciated seller’s market, we need to realize we may be in DUMB DEBT and should be prepared for the risk of suffering the consequences if and when the economy turns for the worst and goes into a recession as this will likely cause values to drop.

I recently opened a HELOC and I recall it's at prime for the first year (7.5% currently), and I only paid minimal closing costs.PML or HML I would expect rates >10%, plus points, possible prepayment penalties etc.

And YES, far FAR too often I am seeing people stack up UN-realized expenses at a compounding rate, to give selves a false sense of "profit" on whatever monthly/quarterly capital there moving around. 

I believe that the Federal Reserve is going to cut rates by 25-50 bps at it's September meeting (no emergency cut), but that 30-year fixed rate mortgage rates will rise to upper 6s low 7s around the same time, and Commercial borrowing rates, including for multifamily, will increase as well. 

There is a lot more to it than the rate.

I have some great examples in my book, including my father-in-law who lost tens of thousands from a single mother that he tried to help.Stay at market rates.

In this era of increased rates, obtaining properties that will produce a good return are harder to find and often involve quite a bit of work.  

In the long term  expect RE to appreciate at a rate equal or greater than CPI.  

I'd suggest checking local Airbnb/VRBO data or using AirDNA to see occupancy rates and average nightly rates in the area.

Here is the source for the commission rate, right from the Sitzler NAR lawsuit judgement (bold text added):"In addition to training, Plaintiffs have presented expert testimony showing that Section 2-G-1 had the effect of stabilizing commission rates.