Occasionally, though, I calculate CoC returns on completed deals just out of curiosity, and they're always double digits.

Alternatively you could do a cash advance which I do not recommend at all as you accrue interest on day one. 

The heloc won't accrue any interest until you pull from it, so you are not time pressured, it should allow you to force equity on whatever property you get into which is great, and you still have your assets in what seems like a highly appreciating market. i hope this helpful!

@Cesar Merino       Out of curiosity.....If you are buying one property in Cleveland, what is your reasoning for getting an LLC? 

I'm not in that market, so don't know the details, but something like even if you default on the condo, you can still be personally liable for HOA dues accruing or something like that.   

What did your mail marketing campaign letters state out of curiosity?

I'm confused, is this a general curiosity question?

The curiosity/desire to know more about owning an Airbnb in Santa Cruz is STRONG.

It does not accrue 'purchase credits' but closing costs are granted when exercised.   

After reading your initial post I checked the Shreveport area on Zillow just out of curiosity and the first property to pop up was a foreclosure duplex for under $40k (221 E Jordan St, Shreveport LA).