I'd love to utilize their expertise when assessing a property since they are local but I'm not sure what the general expectation is when I don't have a tangible property and I have not entered into contract to work with them yet.Some questions I have are: local regulations/permitting timeline, property's potential from their perspective, landscaping/amenities cost estimate (they also help facilitate this).

Even without a budget for repairs/etc - let's just define "cashflow" as income left over after PITI & utilities for a moment - Mac Groveland and Highland Park are going to be tough.

However, if you're running your numbers then you'll want to make sure that you're including all the interested paid for the money borrowed from your HELOC as well as the carrying costs including utilities, insurance and property taxes.

What are the expenses (taxes, who pays utilities, etc)?

I am a fan of utilizing equity in existing real estate owned to build the rental portfolio though at the beginning, rather than just relying on money saved alone.  

Vacancy: 3 weeks every 2 years + utilities Make ready expenses: from $1000 to $5000 depending on house needs  

Further, how can you enforce collections if you're not a utility?

I’m trying to utilize 1% rule and it’s tough with current market 

Tim, in lieu of a damage deposit, have you utilized A deposit insurance such as Rhino? 

A HELOC will not allow you to deduct I believe on the interest unless the money is utilized for repairs on your primary residence and not to buy another home.