You could probably do a postcard campaign and draw up some interest, as there are some really bad actors out there in the property management space. 

People like Central Tucson because it is close to the downtown that has a great food and night activity scene and is also close the University of Arizona campus that draws lots of parents and grandparents and people who just like the college campus vibeWest Tucson is a great option for the views, golfing and resort feel.

After 1yr we run a return on equity calculation, how much is our monthly cash flow divided by our equity position.

Be wary of front loading on the itemization/draws in the contract. 

Although the Burnt Store areas are seeing somewhat sustainable demand for owner-occupied properties, we're currently still not seeing enough support for activities that would draw tourism into that area.

When I divide my Monthly Income by the Pre-refinance expense and Post-refinance expense, I'm getting a different ratio than what the calculator is saying.  

If you are planning to pay the HELOC back after each flip but then draw it right back out to buy the next one, you will have a loan balance most of the time and a refinance might work just as well for you.

Here are some thoughts I had.Potential Backlash - I agree with @Erik Estrada that charging fees might draw criticism from some community corners. 

Nothing better than four draws and never a lot of money up front "for materials".

If you had eyes on the property and have a good idea on all this you can hit the HML for all the costs and take draws after the initial acquisition to do the rehab for the rest of the amount.