Just be sure the calculate in the interest you are paying on that HELOC into the new project.As for banks, my experience has been that many banks do not like to do HELOCs on rentals unless you have a decent portfolio which they then look at as a business instead of a single rental property.

If you don't believe it, go to the BP calculator and run a million dollar property with 10k rent and 3% appreciation and see what happens after 30 years.

In the meantime watch the BP podcasts and use the BP calculator to start analyzing deals so you get comfortable with the numbers.By this time next year I would say if you do this you'll have 10k in a bank account with an ok credit which should make you eligible for an FHA loan to buy (1-4 Units) with 3.5% down and get you started. 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.

Quote from @Robert Quiroz: @Randall AlanThanks for that scenario; I'm not sure how I missed that calculation, or I never did it.   

I have experience using DSCR loans that calculate the STR revenue to purchase smaller single family homes.

In regards to the numbers you're calculating they seem to be relatively conservative in my opinion, to be direct it's more than I use for homes that are in good condition.

You may also want to use one of the BP Calculators and post the results and ask for feedback.

Hi all,I have a few long-term rentals and am exploring a STR for the first time, and am seeking guidance / advice on my expected expenses (and ideally what i'm missing that i should factor into my calculations).

I purchased his power flipper program and although I have been estactic to be able to have access to his Proof of funds letter and using the deal automated calculator I had never had to use any funding because of wholesaling only.