Landlords just accept for the money or deny for the rules or deny due to wrongfully stereotyping the type of person that would have a voucher. 

One of the great things about BP is that the posts last in perpetuity.

Seems a good bit cheaper than using Hard Money and seems like a very sensible and low risk use of a HELOC as opposed to the stereotypical "use it to go on vacation" scenario. 

Hypothetically it could be perpetual if I structure everything correctly..

Or better still, that the government will always interfere for the better when the waters really get troubled...Not so much.Remember that these lenders are the same institutions that perpetuated the entire foreclosure mess themselves with agressive lending practices.

Also, what are the asset protection/tax advantages and disadvantages of choosing an "at will" (or perpetual) vs. a "term" (specified number of years)?

My thought is that they do not anticipate holding the assets into perpetuity, in fact without saying too much I am fairly certain that is the case.

Someone working for free has no incentive not to perpetually leave your property on the back burner.

I am just shocked at how stereo-typically bad the management company experience has been.  

There are opportunities everywhere, you just have to train your eyes to spot them, your brain and mouth to create them, and your arms and legs to execute them.Yes, your market is expensive, and for good reason ... there is high demand and perpetually limited supply of housing.