A lot of these numbers of what I have pulled from the real estate listing, and inquiring on property management/landlord insurance rates.I am not looking to make a fortune overnight and realize this would be a slow return on investment/passive income.

My thought is is use the Rent Ready feature of reporting his payment history to the credit bureau so it can work in his favor as a trade line, but I'm wondering if this is an unnecessary added step since he can already pull transactions on his bank side. 

If not you can close and simply pull out a 2nd or opt to take out a personal loan and consolidate on the ARV at the 6th month mark.  

If the cash flow of your properties is still good, you could do a portfolio loan to pull out some of the equity to purchase more properties. 

If you need access to the $200,000, you could use a HELOC to temporarily pull equity from the property when good opportunities arise. 

I’d recommend pulling out just what you need, like $100k.

I plan to pull my principle investment sometime soon and keep a balance of it. 

If you were able to pull out $500,000 in existing equity out of a paid off rental and disperse those funds to acquire 2, 4-unit MFR properties and had the income to support any future CapEx and the interest payments on your HELOC ( including the extra income to paydown the loan ) would there be any " gaps " or problems I'm missing in this situation where it would be a bad enough idea to not go through with acquiring more properties through a HELOC on 1 of 5 properties you own?

He is working on pulling the case together. 

So far there is some indication of a little uptick for 2025 booking - I've already booked out a few weeks beyond the winter, which is when I go down and take care of maintenance and repairs - and in the summer, but traffic and inquiries are way, way down.If you feel like seeing a blood bath, just pull up the MLS and look at the Margaritaville development.