(I am starting investor, please understand)So many guys are buying in second-hand market, when original can not cover their mortgage payment because of the depreciating rent, and let go of their property at great value.

I managed my own Airbnb account for the first 3 months after handing it over to Evolve.

If you live there you probably have a good handle on the subtle market dynamics.One significant risk of buying any property out of state is that you have a lot less knowledge and first hand experience with all the nuances of that specific market.

@Kerry Hermann We got our start in the western Chicago suburbs as well but are now totally focussed on The Shoals.

On the other hand, there are many out there who jump into their next adventure without looking back. 

Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.

With respect to paying $44k off on your HELOC, I personally think that is totally fine and a great start. 

But if they don't willingly make the payment your only option would be to sue, and they have the upper hand to let the lender know about the sale possibly triggering DOS.

Cash out or cash in hand also allows you to avoid having a heloc sit in 2nd lien position and you cannot borrow more money until you pay off the heloc.

North Hollywood has a handful of 20-50 unit communities structured as co-ops.