Depends on the AHJ if that's possible but we've done that quite a few times on commercial projects. 

My clients who invest in Section 8 housing do so in 'not quite' transitioned communities but that have low crime rates.

I have 29 of them and rarely have any turnovers which are a pain and eat up profits.

Now keep in mind that a LOT of people visiting my website are competitors and investors copying my site you can imagine that my conversion rate is quite high.So what you should be asking is really this.

Congratulationswhat you’ve found that both the INVESTMENT side of real estate, and theBUSINESS side are very competitive; therefore profit margins are compressed, so those “home runs” people like to bragg about are actually quite rare.  

You will pay for it in the rate, which typically will be .5-1.5% higher as a result, over 3+ years it ends up being quite a bit more expensive.

The industry is quite fractured and developers are mostly regional.

I would say for most people, the 1st position heloc is no a good bet, especially if you have a 1st mortgage rate of less than 5%.Using this strategy with a 2nd position heloc can be just as powerful, so you can have your cake and eat it too!

Here's a quick breakdown:Unforeseen Property Issues: Hidden damage, bad tenants, major repairs – these can eat into profits.Vacancy Woes: Empty units mean lost income, impacting cash flow.Market Downturns: Property values can drop, affecting your investment's performance. 

I have found that it is quite simple to self-manage a portfolio of 30-40 short-term/interest-only loans using a combination of QuickBooks and an XL workbook (1 worksheet "tab" for each loan).