She wants $190 to be able to move out to a new place.Im no pro at rehab estimates but id say a good $80k/$100k is needed in rehab. the block is undergoing gentrification but she doesnt want to sell it to a typical old wig investor.

I'm in CA and am primarily looking in the Midwest and Southeast, which explains the interest in ready-to-go properties as I'd be using a PM anyways.Now, because I'm looking out of state, FHA's benefits for live-in 2-4 units wouldn't be in play; as such I'm curious how to think of the differences would be in finding say a 3-4 unit property vs. something larger (but not massive) like 5-10 units.

I think I might have written it in a confusing way but my thought was that if I got say a bathroom/kitchen faucet for a rental property and then return it when it had worn down or been broken by a tenant and use that money to purchase a new one or a upgraded one. 

As for what to do in an emergency such as auto or house repairs you either save room on the heloc to cover say a 10k cushion or keep a side credit account specifically for that purpose that you can pay with the heloc after the crisis has been taken care of. 

I was talking to my wife about this plan a couple hours ago and she REALLY doesn't want to sell anything we acquire in CA because appreciation is just ironclad over say a 15 year period.

If you have other properties, like say a apartment complex and/or commercial buildings in the same town and you have service staff on your payroll (handyman, carpenter, plumber..etc) then managing the VR is much easier without this type of staff in place your returns will get stuffed in a wood chipper!

If the numbers work with say a 60% Occupancy Rate - might be a fabulous investment.

To say a person has to get in REI to strive to quit their job, work REi full time, must be ready to do all functions themselves is so not true it is just ludicrous.

Say a limited partnership is formed to purchase a rental property.

@Joe Cassandra interesting, I must say as obvious as it seems I completely over looked that.