Fort Collins did it since the 1960s and only recently created a law against it because of rent rates.

@Jordyn Ohs Assuming your heloc is re-advanceable and the rate is higher than your mortgage, I would suggest you pay your HELOC down as quickly as possible with any cash flow from the properties.

Rent, Expenses, NOI, Cash Flow, COCR, Cap Rate, Market cap rate. 

They already lost some major players due to the state capping rates https://www.foxbusiness.com/lifestyle/california-insurance-c... will all insurance companies stop coverage, raise rates or reduce what they cover?

Potentially lower down needed of 15% with better rate and 6% cap in IPC’s

Quote from @Ryan Mcpherson: Moved to Austin for work and purchased a home in 2021 with just under 4% interest rate.

For Non-Admitted carriers, the important item to then pay attention to is the AM Best rating (or equivalent rating agency).

In this case, since they are borrowing their payments, these would get added to the principal balance each month, and interest would be calculated on that.If, for example, the interest rate on the note were 10%, they would implicitly be borrowing their payments at that rate.

The higher rates and no point options hopefully are temporary for you until you are able to show a 2 year history of 1099 income, refinance early in 2026 once you have completed your 2025 returns. 

The monthly payment is only ~$720 and the interest rate is fixed at 8% fully amortized with no balloon.