Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

AB 2622 allows unlicensed professionals to handle jobs under $1,000, such as repairing gates, patching drywall, or fixing leaky faucets—saving you money without sacrificing quality.2.

With your construction background, you're already in a strong position to add value to properties through renovations or identifying potential issues.

The appeal of student housing to rental investors lies in its ability to provide a steady income stream, especially in areas with high enrollment growth and limited new construction.Given your experience and the quality of your properties, you should find a receptive market among rental investors.

I'm curious why you want a HELOC instead of a conventional loan in the first position.

Quote from @Anthony Maffei: I purchased a two-family property in 2017 and now have around $500K in positive equity.

You get some of the strongest rent demand in the Phoenix area being closer to downtown, and then you position yourself for the upside of the growing North Phoenix economy with TSMC and other economic developments.If you want more info, I can send you the 3-5 most recent properties my clients have purchased in the last month for you to review.

Again, this is due to how long it was taking to get work done, the quality and lack of communication (I'm happy to post examples as well), and frankly, the quality of work expected once I realized how many things I was not told about before the purchase.However, you did not offer in any way to address issues left by the prior tenant and made it clear that it was my responsibility.

Buyers expect premium finishes, so skimping on quality can hurt resale potential.

Yea they would keep that in place and you'd get a second position mortgage for the rest at, well, higher than todays rates.