HI @Justin Heitter, if the capital you are wanting access to needs to be permanent or if you have a use for it in an ongoing manner, might as well cash-out refinance it.Typically you'll have higher interest rates with a HELOC, though the administrative fees are much much less when compared to a cash-out refi. 

I guess I got too concentrated on rehabbing a few properties I had :) Either way, I'm selling the house I currently live in and I ran into an issue that shouldn't even be an issue in the first place.We literally flew through the whole selling process.

When I ran the numbers, I quickly realized that while the property was an excellent flip candidate, it would have made a terrible rental, because the taxes were so high.

Assume “unlimited” as meaning that you didn’t have to hunt for properties, but rather that you had an ongoing source.

I ran a comp check and found an ARV of around 550k but this home (as seen in the photos) is in complete disrepair and needs a full gut rehab.

An LLC costs money to set up, and can lead to ongoing costs such as yearly filing fees, or increased tax prep fees. 

I plan to self manage but I ran numbers with PM.

I ran all the numbers and did my due diligence but I don't know, I feel like its to good to be true or I'm missing a huge factor that might mess me up either now or in the future.

@Ari HadarNot sure if these numbers work for SFR, but in larger multifam we underwrite with 1 year of taxes and insurance, 4 to 6 months of principal and interest, and 1/2 to 1.5 months in operating reserves at acquisition.Then we use 230-250/door as ongoing replacement reserves.

If the odor is not properly mitigated that will cause ongoing problems.