But if you have the capital or access to an investor, this sounds like it could be a good deal, but at $900/month, I'd estimate your ARV will max out around $85k.

Melanie, I don't appreciate the constant false claims about me as a person or my company.

Regarding a HELOC, most banks will only provide a HELOC up to 75-80% of the property value, so you may not be able to access a HELOC for a while.

Talk to an attorney to access your risk. 

If you have access to outside capital/equity, you already have an advantage over most.

The effect of this process is that the portfolio is constantly improving by retaining the best properties and jetison the under performers.I've bought and sold over 1,000 properties, and people always ask me "How many doors?" 

I'm just beginning but am considering a bigger commitment in the next five years or so by accessing some or even all retirement funds to buy a building (I'm sure people have thoughts on whether or not that is a good idea!).

Should you add a playground or dog park, or would your money be better spent on putting in gated access?

But because he raised rents each year, and rents were increasing by ridiculous rates, tenants constantly moved, had to sell the property at a loss several years later due to constant vacancies.Finally, the most interesting situation I ran across was a tenant, a 93 year old tenant paying rent on a 2BR apartment for $90/month.

Attitude and professionalism are paramount; product knowledge next, and then there's your contact/follow-up systems.Put that together, price-test against the market, and you'll have a sustainable, constantly expanding, and very profitable venture.Good luck!