I put a new build under contract early this month, and are now working on the loan with a credit union.

Falling out of compliance can lead to penalties, lawsuits, and even damage to your reputation as a landlord.

Late payments, property damage, and evictions are avoidable when you have a PM who knows how to find reliable renters.I encourage you to seek out a property management company that emphasizes tenant screening and uses modern tools for verification.

You are allowed to charge for ALL damages beyond ordinary wear-and-tear.

@Eric Huntermark Unless you're already independently wealthy, a conventional loan product (assuming this = bank/credit union loan), is going to probably be less attractive for you and most banks/credit unions don't lend to flippers.

It’s amazing the difference in damage within a short distance. 

The teacher was an actual financial educator but they repeated themselves a lot and were telling the students to go in and apply for credit cards DURING the course to purchase the next course for $15,000!

I was going to add, as posted above, it's a great rate and stick with that local credit union for the future business. 

As a would be individual landlord with just a one unit single family property I don’t know I can stomach the risk or withstand a financial assault resulting from an eviction process for a non-paying tenant (or tenants that do extensive damage).I am seriously considering bowing out and selling.

This is a good opportunity in a strong market, and with your excellent credit and HELOC funds, you’re in a great position to make this project happen.