I feel like if you dont want to spend too much time figuring out the flow then it's a good alternative.

Spending a ton on property management doesn't seem like the best move.

DIY A first-time DIYer can expect to spend several hours replacing a kitchen faucet.The time it takes depends on your experience and the faucet's complexity.You'll need tools like wrenches, a putty knife, and a small bucket.You'll also need materials like supply lines, silicone caulk, and plumbers tape.You may be tempted to be cheap and estimate only 30 minutes, but you should estimate an hour to be safe.What about the time to go to the property to figure out if a 2-hole or 3-hole faucet is needed, then drive to Home Depot to get it, drive back to install and then head either to the next job or back to the office?

I'd say start the process of securing your HELOC if you havn't done so and spend time analyzing deals and determining what type of investor you are looking to be. 

Stop hanging out with your deadbeat buddies who spend all day drinking, talking sports, and otherwise wasting away.

The HELOC would act as en emergency way to tap into their equity if needed - as long as they don't spend it unwisely!

It's updated yearly and is the best $40 you'll spend as a Landlord. 

In judicial states in which the foreclosure process often takes a year or more, this not only generates income, this also typically mitigates property deterioration, vandalism, and other costly issues which diminish the value of abandoned properties which remain vacant for extended periods.

How many times can you spend $1500 to get an 88% return?

You don't have to spend a fortune and buy a house directly on the beach to do well, but your starting price point for a viable option in this market is around $350-$450k for a solid 2-3 bedroom oceanfront condo or around $500k for a 3-4 bedroom house within walking distance of the beach.