Originally posted by @Ricardo P.

This was not a complete rehab, we were keeping the main bath, moulding, and original dooors. 

Originally posted by @Trevor Fleck:@Eddie Lozada check out Rent to Retirement.

The original intention was to do a light cosmetic rehab and rent it out.

My experiences were a couple of years ago and I was originally told the appraisal had been assigned and the rate would be $780 but then later I was told that appraiser was cancelled and they'd found someone else who it was assigned it for $935.

It is also important to consider the transactional fees associated with originating the HELOC, whether an appraisal is required etc.

If the original tenant wants to claim their belongings, they must pay any unpaid rent, plus the cost of moving and storage, then I will give them access to pick up their belongings.

When I add a new tenant to the lease, the original contract terms remain in place.

Great area to buy in, house was all original 1978 brick ranch.

Purchasing subject to allows you to (1) buy a property and pay a lower rate (3-4%) that was in existence when the loan was originated, so cash flow will be better as well as equity buildup; (2) not have to qualify for the mortgage saving time, expense, and allowing property purchases in greater number than otherwise and (3) no personal liability on downside (4) no debt added to your PFS.