I’d recommend building relationships with agents and accountants familiar with these markets too—state-specific tax strategies could make a big difference in your bottom line.I’m excited to see how this plays out for you!

I completely understand your point about pricing adjustments driving faster leases, but my experience has shown that other factors play a significant role in a rental's performance over time.For example, I own three rentals with very different dynamics:1. 

Not sure if you’re closer to Randolph, Lackland or Ft Sam Houston but this also plays into account on what rental amount you should look to achieve.

This plays into the affordability issues for tenants by allowing them to live in nicer neighborhoods for less money, yet I get monthly revenue comparable to short-term rentals.

When you have won the game, it's time to stop playing."

HELOCs are much tricker than a closed end second - they don't typically allow you to close in an LLC and they are full doc qualification, meaning your FICO, employment history, income, DTI etc all come into play.

The property cash flows and I could definitely see each investor making at least $1000/mo with the most hands-off approach of renting to an operator and much more if a person ran it as STR or LTR and it is a great diversification play for me as Costa Rica should see much better appreciation than the Midwest, but if I were to cash out I could see five times the cash flow because of the power of leverage.But I think you hit the nail on the head in saying that it is a lifestyle type of investment.  

Since COVID, the demand for cash actually increased, so this is a recession resistant play.

Your property manager will play a key role in this team, helping you maximize occupancy, maintain the property, and ensure tenant satisfaction.

And in part, it depends on the investors and capital that you have access to (this tends to play a factor in many decisions when raising outside capital).If you do want to go the fund route, you might want to consider using Avestor.