Hardly anyone can prep properly, mask or dropcloth properly, cut in around trim and windows, get even coverage, etc. 

At some sales they will even accept payment the day of the sale during the auction if that property has not been sold yet. 

Collection agency turnover the case to attorneys rarely only when judgement is large and landlord is willing to pay heavy attorney fee, which can start at around $3000 for filing garnishment but even that doesn't go anywhere without a valid address of the tenant.

If you can get the first month, last month, and a deposit, even better.

Even though your market might prove expensive, I would exhaust all options before ruling it out.Truth is, you have a unique competitive advantage in your market.  

Even outside the city, many townships have passed legislation to limit short term rentals. 

Such a situation is recoverable if there is enough time for a market recovery and the cash flow is at least break-even (or there is enough reserve cash to cover negative cash flow until it can turn positive). 

Zach called me and told me they were changing my loan because they were going to consider my loan a “new construction” as oppose to an existing structure rehab or even complex rehab (considerations I’ve experience with other lenders).

Or, there is the even easier MLO direction.

Is my only option a HELOC and can I even get one on this property thats rented.