(Just to get back to even with selling today.)If your payment becomes $3500 and you collect $5,000 in rent with no PM charges, and everyone pays on time, and nothing breaks.

@Ryan Terrio what bank is offering that low rate for an ARM on a non-warrantable condo?

Banks all state payments transferred within 24-48 hours, but reality is unless you both have same bank, it's 3-5 business days.2) Via BillPay check-You just need their name and mailing address.

Do I need a *business* checking account to accept rent payments and pay for maintenance/repair costs as they arise?

A heloc is an open end mortgage or in simple terms its a high risk credit line similar to a credit card that sits in 2nd lien position adding another trade line to your credit and reducing DTI.Just like a credit card if you ever miss a payment on any debts on credit or if your scores drop unexpectedly they bank can close or reduce your line of credit.

In fact, every property I buy in the Midwest has a rent to price ratio of 1% or better and cash flows day 1, assuming a 20% down payment.

It may make evictions of non-performing tenants difficult or impossible.

While you are at it, learn how to manage your properties well because a large percentage of investors lose tons of money through rookie mistakes with non-paying tenants, unscrupulous contractors, long vacancies, etc. 

(Max vacated rents - your monthly mortgage payment) = +/- net cashflow.

I started hinting a couple of months ago that I will need to take legal measures if he doesn't get caught up and back to consistent payments.