I don't think there's any 'right' answer to your question, because it depends on how comfortable you are investing from afar, your skills, how much money you have to invest, your goals and time horizon.

IRR is a metric that is used to compare different investments with different payout structure and time horizons.

All my 30-year fixed rate loans are sub 4.3% and I hope, with a 30+ year horizon, that will be a big boon in the future (especially as inflating our way out of the national debt becomes America's only option).Thanks again for all the input.

This ignores the time value of money, but it is a quick and easy decision and the time value doesn't distort the decision much since the time horizon is very short.

I think the risk of using it comes down to your time horizon (due to the variable nature of the product), and the ROI using the interest you are paying as part of the calculation.If you are using the HELOC to BRRRR or Flip, I think it is an excellent way to get started because your payback time horizon is relatively short. 

I have some threads here on BP you might find fun and also discussed these buildings in my Book.Dallas, TX- Widen your midwest horizon.

What is your time horizon for determining your ROI?

I learned that in '08, '11, '15At minimum, we should diversify, pay lowest fees possible, rebalance regularly, allocate based on risk tolerances and time horizons and maintain a cash position. 

Since you're already forced to look outside of your home town, you might as well broaden you horizons and look at the many good cash flow markets across the country.

There are parts of town where 2-4 units will get $450-$550 per unit in rent and there is NO hope on the horizon for increases, even though you can travel a few blocks to houses and apartments getting double that.So part of having a good analysis is knowing what you ARE and are NOT capable of doing.