In either case, you want to pay off the HELOC as quickly as possible to secure your equity in the property and recycle the capital.

What seems to be a "cash-cow" tends to get "milked" every year or two when your tenants move out.

Some I even see depreciate (like all the way to the recycler/landfill after 50 years while the house triples or more in value).

We got a couple quotes from general contractors at the beginning of the process in the $250k range (fully finished) We plan to finish on the upper end, with stucco, recycled brick from the demolished garage, marble counters, hardwoods, and radiant heated floors.

We literally "scrapped" for our home improvements, collecting cans out of people's recycling bins and at a nearby college.

The other thing we do is recycle appliances from flips and teardowns into rentals.

(Google FINRA financially fragile renters) showing most can't come up with a couple of grand in thirty days(or some metric like that)..On the personal manager side, for example, have you noted how renters may have trouble with simple tasks a homeowner completes regularly, be it pulling out a trash or recycling bin in the morning, sweeping a porch, or doing something as simple as buying and changing a light bulb (had some of those)..what are the odds they can save monthly for the downpayment, study the homebuying process, and take care of the place. 

Either have quality from afar or run a more problem property locally for increased cash flow yield.Constant traveling far away to a lower class asset on continual basis will suck away a lot of your time and cash and you have to build that in to see if the extra risk is worth it for the upside.Investors like to keep problem properties close to home and re-cycle capital.

I don't think Kfalls is the land of milk and Honey but it's a lower entry point to play ball then other area's of Oregon.

Giving your good folks a little recognition goes a long way.I would suggest your friend ID a way he can help his LL simply (like trash mgt- pull out boxes that absolutely fill dumpsters to be recycled, parking lot pick-up, etc) in exchange for a discount.