Sometimes I fear for their safety =DIt turns out that what I really wanted wasn't to be a land developer... at least not yet.

Read this book first - https://www.amazon.com/Every-Landlords-Property-Protection-Guide/dp/1413307000 - before getting into more complicated and expensive measures of protection.

If it was built before, say, 1960 there may be a slew of electrical work you'll need to do to stay in regulations with current times and, of course, for the safety of a future buyer.

Hi @Christopher 'Bear' DeSanctisThe debt service coverage ratio is derived from measuring the PITI (+ Association dues if applicable) versus the gross monthly rental income.

Part of the issue is probably a lack of measurement of agent skills.

My thoughts on the HELOC are that we could use it to renovate our current properties and use the funds to fix up distressed properties in the future(doing BRRR-like activities) and thinking it could be used as a safety net if needed. 

Similar to what's included in this post but comes preloaded with costs and requires only minimal measuring.  

I dont think you can call it totally passive if someone does that they are probably going to make a mistake you need to work the loans and put time into them to ensure all the safety items you mentioned.2.

If at all possible, never install mini-split, install duct work.Measure, Measure, Measure.

I liken cap rates to measuring your fitness level by how much you weigh.