Spending some time with an attorney on the front end could help to avoid potential pitfalls down the line.

The bottom line for me is that you will not get rich on $200 per month.

I'd be sure to look at the historical appreciation in those areas before you buy and make sure that fits in line with your long term goals.Again, I know nothing about those areas and am by no means looking to discourage!

How many bed/bath?  

So long as its the same line of work and you don't have declining income from your most recent year versus the previous year by more than 20%, the lender will do a 24 month average of your income and count it in that way. 

. - I'm-not-a-lawyer-but-what-I'd-do-in-your-shoes: I'd probably put little surveyor flags up along the property line, effectively letting people viewing that home know.

Make sure you have something lined up before you jump into a property with this plan.

If developers pay a good amount for land then they like to line everything up before they buy.

ANd if I wanted to BRRR I would use it too... but not for buy and hold.However, it is nice to have a revolving line... that you can use over and over... 

OK I have an investor wanting to JV on a multifamily portfolio (6 houses), he will provide half of the down payment and find a line of credit for me on the other half.