Are they at market rent, or locked into below-market rates?

Even if you get a great deal that is 20% below market, appraisers will typically be anchored by the last sale price and you may be stuck not being able to pull out as much cash as you need to pay off the HELOC.

How are you coming up with that much larger market rent for all those units?

Hey @Dan WardWould love to give you some advice , those are my primary markets as an investor and agent helping others. 

Those states could be nearby in your market area.  

The strategy may change, but every market can work.

I have a feeling my entire local market is going to be the same outlook to make their over value seem reasonable to themselves..Do you or they, control the future?

My weekly podcasts will also help you get a better feel of our market and then might help you learn our market quicker and with more data. 

You could put most of your funds in the stock market and access them when needed for a HML.

Use a buyer's agent that knows the market, contracts, negotiations, etc.If you really want to learn about investing, get a job in property management.