Ability to pay, what is the borrower's ability to pay?

I assume that the reason for the HELOC and cash buy is to give you a stronger position when negotiating purchase price and the ability to act more quickly vs. obtaining financing.

People do say that apartments are harder to sell compared to single family homes, but that's just because with SFRs you have the ability to sell to either another investor or to an owner occupant.

That is a very common question and always falls back into what is your goals and current financial abilities.

assuming that I need ANY of the rent in order to make the monthly bills of the property or should i only be looking at scenarios where i can cover all monthly costs regardless which would severely limit my buying ability? 

I've had several partners, and sometimes i've questioned their ability to make decisions.  

Putting an age on someones success or ability is very limiting and could stall your success.

Scott's book, numerous hours reading and learning on BP, talking with a local guy here in Jacksonville who had a little experience and mostly capitalizing on my own good sense and ability to think a deal through and make a decision promptly.

If you can find an experienced rehabber who is looking for an intern and you have the ability to spend time working with that person that would be a tremendous experience for you, however that may be tough to find.

Last week spoke to a President of the second fastest growing bank in the state, taking on affiliate pools and prices aren't a steal of a deal here, basically due to the RE market being stronger and ability to liquidate REOs as they come, you're right, there is no need to dump the bath water.Bob, sounds like it's par for the course if you're dealing with various sources, but I wouldn't want any off the institutional shelf.Investors on the street need to learn how to go after the seller financed markets and buy from distressed holders, refi the good ones, rinse and repeat or modify and hold until they can be refinanced.