I am planning to BRRRR in DET and do turn-key up here as we are so short on labor. 

The loan has a payback period of 5 years in equal installments. 

This is why people are getting pissed with cold callers and your seeing very poor response/appointment/sales rates with PS data.This is what Joel Bongco has stated alsoIts absolutely true and I can go further and quantify exactly how bad the data is using my own study comparing PS to county records.I compared PS preforeclosure leads to county records across 167 counties in Texas (67), Florida (50) and California (45) by running searches for both PS ad the County recorders datbase for the period 08/01/2024 - -09/30/2024 and found thatFor TX which i measure preforeclosure leads as all lis pendens, appoinment of substititute trustee (Not a NoD but used for a similar indication) and notice of trustee filings.

Those things can and will hurt your monthly KPIs occasionally and sometimes for long periods. 

Will you use the HELOC as a short-term bridge, or plan to hold it longer?

Conventional lenders typically require a 6-month seasoning period from purchase before they’ll consider the appraised value for a cash-out refinance.

Heres a general breakdown:1960s: ~5 -“7%1970s: ~7 - 11% (rising due to inflation)1980s: ~10 - 18% (peaking at 18-19% in 1981-1982 due to high inflation)1990s: ~7 - 10% (gradual decline)2000s: ~5 - 7% (lower due to economic stability)2010s: ~3 - 5% (record lows after the 2008 financial crisis)2020s: ~2.7 - 7.8% (historically low in 2021, then rising in 2022-2023 due to Fed rate hikes)Long-Term AverageOver the past 50 - 60 years, the average mortgage rate has been around 7 - 8%In short and IMO, due to fiat system.

Rent would probably be a short term nightly basis. 

New agents may struggle with periods of no income while waiting for deals to close.Solution: Budget wisely, build a financial cushion, and prepare for slow months.

I do a combo of short-, mid-, and long term rentals on the northside of Chicago and surround suburbs.