Which is why not as many people want to be in second position.

For the most part, due to interest rates, breaking the 1% cap rate still won't provide positive return after expenses.

I'm curious why you want a HELOC instead of a conventional loan in the first position.

This creates a negative initial position.

:Quote from @Jimmy Lieu:Have tons of examples of deals that hit the 1% rule and positive cash flow.

What does a cash positive investment mean to you? 

Positive Home Value Growth ForecastWhile the pace of home value appreciation is expected to moderate, Zillow forecasts a 2.8% increase in Buffalo’s home values for 2025, indicating continued market strength.In summary, Buffalo’s combination of strong job growth, relative affordability, limited housing inventory, strategic location, and positive home value forecasts solidify its status as the nation’s hottest housing market for 2025.

@Timothy Frazier  This will be tough as the HML will want a 1st position loan, but so will the other lender providing the rest of the funds. 

I don't know if they still do it but if memory serves a few years ago TD Bank would do a HELOC on a rental in second position but only if it was titled in someone's personal name. 

I have first hand experience as an investor which has been positive.