Here in Columbus Ohio, you can still find the positive cash flow (aka the 1% rule) and you get amazing appreciation in any real estate you buy.

Once I get a renter in I am planning on a HELOC on this property to position myself to do PML for more passive income.  

Strong agreements that protect your position in the deal, and recording a Memorandum of Option with the county will go a long way to protecting your interest. 

I am not able to take equity out of my condo because it is currently on the blacklist due to HOA fixing the roofing and a Fannie Mae rule stating, if more then 50% of the condos in that community are owned by investors, I may not be able to refi.

There’s no one answer, a lot depends on the investors personal financial position, tolerance for risk, goals, etc.  

It took a lot of testing to figure out how to optimize my text messaging campaigns, and now I can do it without any issues.If the process is frustrating, please do not give up on it because you can position yourself as the sole investor solution to many homeowners in your market.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Assuming I get an appraisal of $500K, I have ~$110k (75% of appraised value minus the loan) I could tap into for equity for a HELOC.Question: What is the process for getting a HELOC?

I would also be more comfortable with a set rate of return if the investment is made to someone who deploys lienholder loans rather than fixed returns on equity.

For scaling your portfolio, consider house hacking another multi-family property to minimize living expenses while building equity.