Waiting until you get a deal under contract to then see if you can put together the debt and equity is a recipe for disaster.

The Heloc can also pose as a debt obstacle since its an open end mortgage a.k.a credit card.a mortgage is also set up over 30 years so it offers a lower rate and payment. 

Ultimately the pictures combined with the location are what sells it.You want to avoid HOAs at all costs.

and, something that doesn't get discussed enough - a record number of properties don't have any debts on them. 

I used a combination of Minoan and going direct to vendor to furnish our 4BR/4BA.

We already paid them a pretty sizeable entry fee ($30k) to cover some of their equity and debt in another project.

Our combined efforts made the property appealing to buyers, leading to a successful sale at $99,000.

It's a fairly unregulated space (charging grandma $750 to puts around for 3 hours, after moving the old box from the horizontal sensor, which was the only problem with the garage door to begin with), so some combination of carefully reading reviews (you have to actually read them to make sure it's not 200 fake reviews), and maybe not giving them the full contract all at once, is in order. 

The income doesn't really cover expenses plus debt service. 

That's before you pay any debt service.To answer your question: No, it's generally not a good idea to lose a bunch of money every month.