Often they like to ultimately buy their properties and will pay over market value so they don’t have to uproot the established program to stay in the home they’ve been renting.

By effectively utilizing space, we can often increase the number of units or functional areas within a property without expanding its footprint.

The safest way to establish this is with a TOD appraisal.  

However, most property management companies utilize every available platform to maximize exposure and lease properties as quickly as possible.

You'll want to incorporate interest costs on the HELOC while you're using it, but that will add to your holding costs in addition to utilities, closing costs, etc..

My personal preference for a buy and hold would be an already established area (or an area that's still gentrifying, but has already seen significant progress). 

There are no upfront costs so why not establish a relationship with someone who actively represents real estate investors and move forward with vetting your ideas.Best.

This really puts things in perspective and helps me what I would need to do if I consider utilizing this strategy.

(Like RC Wiley) The money losing warranties offered by utility companies.

I do own two triplexes in Scranton, and I will say the one issue is that you are going to be taking care of the utilities normally if they are not on separate meters, which could take a good amount of money away from your overall cash flow.