It isn't like this a condominium where assessments are paying for common parts of the building like the roof, etc.Prior to this, I didn't have much experience serving on an HOA board and have therefore relied on the management company for their opinion on certain decisions. 

If rent is due on the 1st and late by the 5th, apply the late fee on the 6th and serve a 3-day notice immediately.

Sometimes when they are served the notice, that is enough for them to know that you are serious.

You then might renovate the property, so it's worth, let's say, $150,000 after 12 months.At the end of the first year you have title to a property worth $150,000 which is serving as collateral on promissory note where you owe about $88,600.

Your $80K HELOC can serve as the down payment, as most lenders require 20%-25% of total project costs upfront.

You need to serve notice as soon as they are legally late (when that is depends on the area). 

I am of the opinion that you'd be better served using that money toward the down payment on a property.

We are selling properties first come first serve. 

Homeownership remains the greatest wealth-building tool for Americans, and policies that support this transition could have lasting economic and social benefits.Jesse Brewer is a local county commissioner in Boone County Kentucky and has been serving his constituents for 6 years.

I don't know if they still do it but if memory serves a few years ago TD Bank would do a HELOC on a rental in second position but only if it was titled in someone's personal name.