Many investors buy distressed properties because they can get a better deal and do significant rehab work, but it sounds like that it outside your comfort zone.

It is distressing to realize that as I retire I will not be eligible to use the bank to buy my next home.

Sometimes when I'm starting with a distressed property I may gut a kitchen or bathroom but even that isn't the norm.

I prefer under-valued, distressed, poorly managed, properties needing updating/rehabbing in markets where I can buy at a discount and build equity and cash flow for my time and investment.

My thoughts on the HELOC are that we could use it to renovate our current properties and use the funds to fix up distressed properties in the future(doing BRRR-like activities) and thinking it could be used as a safety net if needed.Should we be doing this HELOC if we are unable to pay it back in full at a later date.

having market knowledge and boots on the ground in Buffalo as you noted is definitely a plus, but there is just so much competition right now, even for the most distressed assets. 

Now I was hooked on distressed properties but had decided I didn’t much like the selling aspect of it.

His story is long and complicated but the gist of it is:He bought the house somewhat distressed in 2019 (through our mutual realtor). 

ARV comps are easier to find on free sites than distressed comps since renovated homes usually go on all 3rd party websites (zillow included).

The idea is that you buy a distressed property, DRASTICALLY increase the value with a rehab and then refinance out all your money if not more and keep it as a rental.