I use to work for Home Depot back in the 90's and I remember contractors using those credit cards.  

For one of my multi-family properties, I chose to dig my toes in the sand and make extra payments on the principal until it was paid off. 

The interest rate on a HELOC is usually higher than a normal 1st lien mortgage, but I am seeing some cases where HELOCs are in the 6's and 7's (where credit score is high and LTV is 65% or lower), which make them pretty comparable. 

You can have an agreement with an investor(s) and they pay you x%.

The larger unit will have higher maintenance/cap ex even with coastal environments being harsh on some items.I suspect your expense estimates are far too low especially if you kept the BP calculator default percentages.  

For both the applicant(s) and a co-signer, you want to understand their habits...financial, employment, legal, character, etc., as Bad habits in one area typically carry over to other areas, and will land you a poor Tenant (or co-signer) choice.

Someone with no debt will have a different calculus than a person with high credit card debt, and so on.Ditto @Greg Scott, @Clancy Catelli, and @Thomas S., and @Ray Lai

Hi Shelia,Yes, the coast markets are pretty fragmented when it comes to regulation.Best options for STR (in order):Lincoln CityManzanitaFlorenceRockawaySeasideIf you need local expertise, @Taj Richardson lives and breathes coastal vacation and investment real estate.

'Raleigh multifamily', 'Coastal NC rental', etc.All the best!

Yes, there are nightmare stories but the majority of investors don't have problems - the ones who bought going way back to the 1970's and 80s and those that got deals in 2008 (and didn't sell in panic and have to foreclose) have achieved incredible appreciation and wealth.