Assignment fees are earned income. 

There are extra features that will increase the value of the house so the range of ARV's can vary.

Once they get 1% of landlords revenue I could see it going up to 2% ,3% in the next years .On the related note San Francisco is also proposing an additional tax on businesses for the homeless . https://www.cnbc.com/2018/07/17/san-francisco-to-consider-tax-on-companies-to-help-homeless.html——OAKLAND — As the Bay Area struggles with an alarming homelessness crisis, voters may soon decide whether to force Oakland’s biggest landlords to pay up to help house the city’s most vulnerable residents.Oakland Councilwoman Rebecca Kaplan wants to impose an extra 1 percent annual tax on rental revenue that exceeds $200,000, and use that money to fund homeless shelters, help homeless residents secure permanent housing and clean up the sprawling encampments that line many of the city’s sidewalks.The city needs more money to tackle the problem, and collecting it from Oakland’s biggest-earning landlords makes sense, Kaplan said.

Do you want to pay a desk fee and extra upfront costs to have lots of materials and services at your disposal or do you want a more basic arrangement with all the fees based on transactions.

If my low ball offer is accepted, and I end up spending a total of $5-7,000 (adding in extra for labor and any surprises)  on repairs, with an estimated monthly income of $650-700 in rent, and yearly taxes at around $1,000 I'm estimating I could make a pretty decent profit, according to my math it would pay itself off in less than 3 years.

HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

However, if you are looking to increase monthly cash flow to earn a better return then I would suggest looking for longer amortization (25 years is typical) and possibly 80% LTV.

Or you could make it say 5 days with out written permission.Make it how you want it to be.You could also add that if someone is found to be living in the house that is not on the lease they will be billed an extra $100 per month.Many of us tweak our leases after we have learned something the hard way.

You run it as is and bank the extra cash for the conversion when it gets reported.

I’m not really looking for a park, just a low initial investment that will bring in a little extra income over time.