Part of the reason I'm attracted to Huntsville is the thriving aerospace, defense, and technology sectors and all the new developments such as Toyota's manufacturing plant, Blue Origin investments, and Facebook's Data Center for example. 

This way you have a property where you have taken your 20k, you used some HELOC money and credit card money that both got paid off when you refinanced the property and you still have about 10k of your original 20k that you started out with and now you have a cash flowing rental that also has about 40k in equity.That's how you do it.Good luck.

Granted, I'm biased.I originally built it for myself.

The original layout had large upstairs bedroom with walkin closet.  

@Raj G.Default Interest rate is a different rate than the original loan terms because the borrower didn’t repay the loan per the loan terms.

Populated areas.In my original post I provided a link on how to find good lenders. 

Credit line is 80% of my equity, no origination costs. $50 annual fee waived first year.

Purchase price: $310,000 Cash invested: $350,000 This was a full rehab 6 unit multifamily building.Our firm did everything from locating and acquiring the project, to managing construction, and then finished up by leasing out all 6 units for a premium rent.We used a construction loan to secure the property and do the rehab. 12 month term which we were able to do construction and lease out all units before taking out the original loan with a permanent commercial loan.

And you must not forget that WHEN (not if) there are bumps in the road the monthly distributions will be put on hold, you may be told to have to invest more (a "capital call"), or you may lose some or all of the principal originally invested.Spark's self-reported record is "two dozen or so" investments, 2 of those have had their distributions paused and one of the two had a capital call.

I read their terms and understood the costs before signing, I will still be pocketing a few hundred for cap-x costs.I also should have provided more context in my original post, I am moving out of the state where this rental will be.