Then invest the $10k in something that pays more than the interest you’re paying on the HELOC.  

Every where you turn there are STRs going up on the market fully furnished because they couldn't pay the mortgage and bills with the rental income. 

So I put $1600 on a credit card for a down payment and then pay $500 a month until the full amount was paid off.

It is not uncommon - main reason we see right now is over inflated original ARVs and now borrowers cannot sell and pay off the lender. 

After I make those payments then my lease with them is for $5,250 for 12 months where they pay all of the utilities.

HCV in the area pays $2,200.

Explicitly tell them what you're paying for it so you can get the exact number.Also, we do a 25% property tax relief in SC under the ATI bill - so if you fill out that form, you will get a reduction for 5 years.Info below:ATI Real Property Tax ExemptionSouth Carolina law now allows a partial exemption from taxation of up to 25% of an “ATI fair market value” that is the result of anAssessable Transfer of Interest.

Will it pay the full PITI plus Capex, management fees, maintenance etc?

I used $80k to pay off personal debts and $50k to remodel it by myself with my two hands.

I pay $875 (including principal, interest, taxes, and insurance) and rent it out for $1,625.