Consult with seasoned investors, seek guidance from real estate experts, and thoroughly investigate before finalizing any investment choices.

He does have good terms on his HELOC because it's older and a better rate.

I realize this is an older thread but it was the first one that popped up when I searched BP for Ohio Cashflow... and I want to throw in my 2 cents.I'm typing this out as I sit in my hotel room in Toledo (Hampton Inn is fantastic and close to the OCF office) after spending the day and evening with the team.

Attorney Alan Ceskher: "No. 181 day contract for deeds are not allowed" (in Texas)Older threads here said they are allowed.

These two websites will provide you with a lot of information such as average daily rate, occupancy rate, rental demand, seasonality, etc.   

I know it is tough with older buildings and I a lawyer might be able to help you with what happens if it is not possible to become complaint while the unit is occupied.

We have had everything from seasonal workers, to relocating families, local area displacements (floods, pipe damages, etc.), visiting families and all that.

The way to utilize the HELOC funds is draw on the HELOC at least two months prior to buying so the funds have seasoned for 60 days. 

I'm also curious how consistent the market is or if it's mostly seasonal / event driven.  

Since I am out of state, I like to avoid the uncertainty of older home and prefer new builds or houses that are within 10 years old, max.