Heloc rates in my area are 8.5% whereas HML was quoted at 12% and 2 points.once I finish the heloc can I pay off the principle only like I would with say an auto loan? 

These are professionals with additional training and a stricter code of ethics.

This is obviously a fallacy; which is why experience and general real estate knowledge of real estate principles is SO IMPORTANT.  

I had to switch GCs mid-construction due to differences in work ethic.

I just don't want to take a step in any direction without having an understanding of the principles first.

These are professionals with additional training and a stricter code of ethics.

On a 1k/month mortgage that nets a profit of about $62/month which can be used as an additional principle payment. 

Jim could be a vip as well .. just needs to close on 3 to 5 deals a month .. and he will have the same percs as me..are there ethic violations and bad Agents for sure.. are they the norm  NO WAY.  

However, I try to build discipline and work ethic with it, while they are still handed free sht all the time.

Steve, if you are working with an ethical property manager, you have nothing to worry about.