Keeping them in the loop could help avoid conflicts or complications down the line.Lastly, think about framing your case around fairness and practical impact.

The HELOC option seems the most practical, especially given my current rent level.

I recommend investing in the area where you live and trying out house hacking—it’s a practical way to dip your toes into real estate!

They have rules and best practices about how we put these deals together which has collectively saved us from much of the pain being experienced right now in the multifamily space. 

Also, check to see if your jurisdiction is practicing "Just Cause Eviction", which went into effect statewide earlier this year for municipalities that which to opt in. 

Quote from @Matthew Posteraro: I am in the phase of practicing deal analysis on possible investment properties in the area I am looking to invest in.

Quote from @Gary Bonds: Any best practices when attempting to secure business funding from a bank, in the form of a loan or credit?

Title VICIVIL PRACTICE AND PROCEDURE Chapter 83 LANDLORD AND TENANT View Entire Chapter 83.49 Deposit money or advance rent; duty of landlord and tenant.—(1) Whenever money is deposited or advanced by a tenant on a rental agreement as security for performance of the rental agreement or as advance rent for other than the next immediate rental period, the landlord or the landlord’s agent shall either:(a) Hold the total amount of such money in a separate non-interest-bearing account in a Florida banking institution for the benefit of the tenant or tenants.

I self-manage, but I understand that's not a practical option for most people.

Without reserves, they might be unable to evict tenants or prepare the units once they are vacant.Great points—walking the property and speaking with tenants during due diligence is a practice we now prioritize, along with running tenant histories through eviction databases.