Id rather have the equity than the money I spent disappearing into the ether as taxes.

I'll do this with people I know and trust, but I've given a guy $4,000 for "materials" and he went and bought some stuff, started the job, then took things back and disappeared. 

With the LOC, every dollar I pay the line down with can be pulled back out again for the next investment or a large repair vs it disappearing in a mortgage.

Keep in mind you also gave us a verbal offer and then disappeared for a week and then said you changed your mind.

He then abruptly told me he didn't have time to answer my question.

So the 290 will disappear in the not too distant future as well.

The oil bust in Houston in the 80's was a good example that your vacancy and cash-flow could disappear just like appreciation.  

If they suddenly disappear, don't actually have an office in the market they rep, or 'just can't seem to fit you in' in a timely manner, those should be red flags.Turnkey is an awesome investment, but you have to do the legwork up front to choose partners you can trust for 10+ years.

You agree with the management to pay monthly towards your property taxes only to find out your years in arrears and no payments have been made.When you do manage to switch to a new PM company, the old PM cannot produce leases current, PM has misplaced keys, tenants deposit has miraculously disappeared, house was left "unsecured" and thieves have removed all copper plumbing from the house and/or there's a squatter who's taken up residence.Only a licensed real estate person can legally manage other people's property.

I flagged their ad repeatedly until it disappeared and I had to do it again this morning.