For example, I mention that every adult must pay a $30 application fee, pass my credit/criminal background, make a combined income of 3x the rent, and whether or not the property accepts pets.

One of our residents was robbed outside of this property and we ended up paying for the resident to move out and sold this property.

However, after talking to some loan professionals, it seems that there are always origination fees, appraisal fees etc.My question is, what fees should I expect to pay when opening up my first HELOC.  

Over time, cost of insurance, monthly charges, and surrender fees (which can last 10+ years) reduce how quickly your cash value grows.3.Policy Loan Costs & PerformanceYou’ll still pay interest when borrowing against your policy.

I would suggest taking the route of option 2 or 3, so not only are you saving over 10k in rent per year but the residents help in paying down the debt.

It's worth paying a premium for the brick buildings that were built for multifamily.

If you do find a PMC willing to do this, expect to pay quite a bit more for all the extra hassles!

thanks Greg, yeah in NJ I pay $50 for LLC creation and 100 for boilerplate operating agreement for each of my properties to get an LLC set up online in 5 minutes and spits out the same documents  vs. $1500 for a lawyer so its just common sense to not use a lawyer and throw the $ away.     

Whatever approach aligns with your goals, I would hook up with a solid team focused on that investment strategy with the experience behind them—no need to pay your dues if someone else has and you can learn from them. 

Being part Alaska Native, there was incentive where they would pay your down payment and we utilized that tool!