@Johnny Situ - I have one SFH coming up for renewal before everything gets a final vote so I think I will be able to capture most of the increase, but will take 2 years to fully capture like you said. 

You can run all the math you want but ultimately I think leverage reveals your emotional reaction to the perceived risk of the asset being leveraged.As a final comment, to @Steve Vaughan 's point, I don't see the purpose of owning REITs if you're on this site: they're a very inefficient way to own real estate, ok for passive investors who don't want to get their hands dirty, but if you're here you want to get your hands dirty and will get superior results and more control by doing so.

Walk through with a fine-tooth comb and make a list of everything.

Make it clear: if the fail to abide by the law and a fine is issued, you will pass that fine on to them. 

And you should probably work on your math - the 50% rule is a pretty crude tool, you may need a finer instrument like the BP calculators.

Or is this a final notice of termination after you received multiple warnings?).

I switched from Computer Science to Business and a Finance concentration, during my Junior year.

If the agent doesn't quickly point out that its law you have to pay water and sewer bills for tenants (illegal to charge back to tenants ). lawn care, if not done can be a fine from the city.

This might be important if you're looking to manage your DTI or debt to income so you can keep your purchasing power open for any deals coming to your desk in the future.You're only limited to 50k or 50% whichever is lower with your 401k anyway.The HELOC on the other hand will cause your monthly payment whether interest only or principal & interest to go up which will increase your DTI and leave less room for future qualification depending on the deals you purchase with these funds.From a credit perspective, having the HELOC might be better because now you have an additional trade line reporting good payment ratings to the credit bureaus assuming you pay your bills on time.Ultimately, its good to use a fine balance of all sources based on your risk preferences, speed of execution or purchase, financial position today, and your deals you have access to to get this capital to work on your behalf.Hope that helps.

Make a final payment after all punch list work has been completed and permits have been satisfied by the local building official.