Hey Luke - Tapping into your equity through a HELOC is definitely a common way to fund a down payment, but like you said, having two open loans can lead to higher closing costs and potentially impact cash flow.

As a PM and a fiduciary to my clients I use a more complex software than most self managers use and also employ a live revenue manager to scan my local area. 

It cost $25 to go from inactive to active status once you have an employing brokerage and upload your E&O insurance.

That 10% below market value is what I've commonly seen the last couple years.

On the MLS (whether via an agent or via Realtor/Zillow/Redfin), so that's where you need to be.Scenario 2 - A homebuyer looking for a primary:  This is most common (except maybe in vacation markets). 

Probably not the most common opinion around here, certainly not the sexiest. 

Tenants are typically blue collar and many of them are recently employed by the recent boom in logistics and warehousing that is going on in the area (link below to a video I saw on Twitter that actually calls out Eastern PA warehousing as a desirable investment).There’s definitely a decent amount of investment going on and I’ve seen prices jump even in the past few years so competition is growing as people catch on.https://youtu.be/Yvi4MPHcwj0

Look for places with population growth and employment boosts.

Not as common, but negotiable like anything else?

The Sponsor needing 5 mil for project in addition to the common equity raise, will be in a preferred equity position ahead of common equity and of course behind the Lender with apparently no legal recourse to foreclose property.