Focus on Cash Flow Early On:While appreciation is the long-term play, as a beginner, I'd recommend focusing on cash-flowing properties to provide you with a safety net and help you ride out any market fluctuations.

Another may see it from the perspective that they've been getting a free ride all this time and now the party has ended.

In true investor fashion, we want to try to pull some appreciation from the property down the line.

But good luck on the Chemung County Section 8 Express as long as you can ride it.

If you're going to do it in that fashion, I'd pick the smaller amount for both; one tenant will appreciate the fact that you didn't raise it as high as they suggested, and the other one will think it's fair.

If you have enough properties, you can ride a tenant issue with the other properties covering the cash flow/expenses of the bad tenant--especially if you have professional tenants who care about their credit score. 

Although many syndicators tend to hide this is some shape form or fashion.

(There are passive investors in deals that haven't seen financials in years)  Do the passive investors get to vote on anything or are they simply along for the ride.4) Understand the business plan. 

Sure there are people who have done it but like Joe mentioned above is why your rate on HELOC is probably higher than your first mortgage so you'd only do it if your balance is really low and near the end of your term anyway so you're just getting it paid off quicker (like the last 1-3 years of payments left) becaues you want to get ride of the monthly payment and improve your cashflow now versus later.

Pair it with some local al-a-carte activity add-ons (partner with owners of these businesses Trap Shooting, Of Roading, Horseback Riding, etc...) and your rental can build its own niche