In my opinion a heloc used for the down on an investment property only makes sense if you have a path to pay it off in a short duration.  

A judge won't hold them responsible for a long duration lease it they break it but I would bet they will hold you responsible if you try to break it. 

The market worst-case might drop 50% in a recession, but I would think it's unlikely to drop more than 20% in the next 3-4 months, during the duration of the project.This brings me to my second question.

Problem #4: Incorrect lease: One of my several emails had clear instructions on what kind of lease I wanted with the tenant, specifying clearly the rent amount, the lease duration and the terms on paying utilities.

What's the shortest expected duration?

In fact, many other professions’ exams and course duration are much longer and more difficult.Getting a real estate license has some advantages and may help you get started as an investor.

Current water lien law may not be relevant since you bought before 36-60-17 was amended to include that limitation.What does local law say about lien duration for water? 

Interest rate, duration, amortization- When you say that the rental comps would bring in $1,200 - $1,500 profit, what do you mean? 

I haven't used hard money, but I hear there is no holding duration requirement; some traditional loans require you to hold it for 6 months or 1 year. 

The impact of rates are usually not drastic over night-- H2 '22 showed otherwise-- but this duration of high(er) rates will have it's impact later.