For a 3 Unit the max is $645.5K. 

If not, something is wrong (i.e. rents too high, area is very bad, condition of unit is bad, local economy is bad, etc).On my 2 unit houses, at max I lose 1 month per year for each door.  

Everyone also keeps honing in on the $1M max, but the effective max is $500k with the audited financial statement constraint on the 2nd offering.  

So far, so good, but here's the catch.I only have $15k max I can put into this property.

@Max JamesHi maxI think it depends on the market as well as the asset type.  

@John Maxi You should be able to find properties in NOLA that cash flow.  

I came across a Bank owned property listed for 35k that needs 15-20k of work max. I

Even if I take out max I still have positive cash flow but if they slash the rental income to 75% to count as an income then it makes my dti to 70%.

This brings me to my question.My initial strategy was to use the HELOC to cover the capital I didn't have up front to buy the 2nd house, and somewhat aggressively pay it back (4-5 years max). I

You will probably get a better interest rate financing them as conventional mortgages, but you will probably have a hard time finding a lender who will give you 15 mortgages (I heard the max is around 10).