Our project is a very large building that will be renovated into high-end dorms for students on this campus.

If you have a lot of equity or if you bought the property when your credit score wasn't great (leading to a high interest rate), then it might make sense. 

That's not good for several reasons.One of those is that your HELOC is going to come with a pretty high interest rate and interest only payments.

You may have read how this is possible (it is "possible"), but the costs to do it will be very high given your lack of experience and know-how.You are looking for someone to invest with you, but what is in it for them in this equation? 

I develop a high level scope of work and then make my own estimates for each item.

When a tenant moves out and oil prices are high they wont get the tank filled .

My monthly fees are as follows (handyman inspection $125, Cleaning $270 a turn (I collect this from guest), TAT&GET (collected from guest) Property Taxes, Insurance (I highly recommend you price this out, with hazard I pay $1,200 a year), internet/cable $100, Electricity $300 a month, AOAO dues $900 (association fees are increasing minimum 5% a year).  

One was an ok-ish deal and the other was pretty decent.In 2020 I got excited about the auction but prices went too high.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Ask a home inspector for their mold guy if you don't have one already.If these are otherwise high maintenance tenants: offer them the opportunity to break the lease and move out with no penalty (besides damages, of course).