You give them their 5k for the year and you don't owe them a dime until next year but you now have 65k and can get into two more deals at the same time now. 

But they haven't collected a dime.

It seems to be very one sided and set up to where they can nickle and dime me for fees.

Not a dime out of my pocket.

Good tenants are a dime a dozen.

So, on a property closing at $250k, the cost of funding via HML will be at least $25k before anyone else gets a dime.

I think everything that was said about optimisation is true, but this is where it depends whether your objective is to milk the last dime out of ALL your investments or if there are some which also contribute to your own lifestyle and satisfaction (yes admittedly at the expense of optimisation).

I don't know but I will say we've had 2 different owners come to us within a few months who used Zillow to screen and the tenant moved in and never paid a dime. 

The HELOC will be factored into your DTI, even if you haven't drawn a dime. 

If you can get a GC on board the key will be delivering units while the market is hot so you can push value and make it up on volume however things can turn on a dime if rates go up so you need to be careful and make sure you have multiple exit strategies and perm financing in place if you don't sell.