Of course the risks are there that the owner will not renew the lease and start doing it themselves if you are successful.

It's a riskier loan given you do not carry a social security, no US credit & no experience.Due to increased risk comes mitigation (Lower LTV & Higher Rates)

Its hard for me to equate the effort and financial risk in fully leveraged rentals.

It allows us to be picky on who we rent to and pass on those who would seem to be PITA or a risk for not taking care of the place.

My strategy is to hold it long-term, leveraging the steady rental income while benefiting from potential appreciation.

I would check as best you can before you even contract, but also for sure once you do contract and have the documents in hand.While there are some places for $150,000, there should be relatively few of those any more, certainly in buildings that have long term potential. 

Even with trump's aggressive plans for mass deportation and border security, I also have to think long term about future presidents' agendas towards border control too, and anticipate potential presidents being more loose on border security.

- The increasing cost of damage repair and potential mold growth

Agreed with the other comments about the higher risk with HELOC in this particular market.

If curious, here are the last two: Jan 2023: Multifamily Real Estate is At Risk of CrashingFeb 2024: Multifamily is at High Risk of Continuing It's Historic CrashI think that the title for my 2025 analysis (likely Jan/Feb publication will be something more like:Multifamily is Finally Going to Hit Rock Bottom in Q2/Q3 2025 - Get Ready to Buy a LOT of itAs usual, I like to publish my draft thoughts here to get input from key players in the space and these forums, especially folks like @Brian Burke, to see if I am missing any high level areas, before I get into the weeds and look at the data more deeply and regionally.