Hi,I am considering obtaining a HELOC to purchase a second property (ideally for investment purposes).

There are lenders that will do 90% of Purchase price and 100% of your rehab funds if you have a value add play. 

Ideally, I'd love to find someone with the heart of a teacher and a passion for building wealth through real estate.

It's always a good play on a rehab though.

That said, if they initiate it on the first and the money is withdrawn from their account that day then rent is paid from the Tennant's POV so I don't see how a grace period comes into play.

He felt that $66k is what it was worth and was happy to play chicken with the bank.He didn't close on it.

Do we now play the waiting game and let the combination of equity growth and likely appreciation do their thing until we're in a position to borrow again?

At $1400/month rent each day of vacancy costs $46 so maybe playing this game with the water isn't worth it.It just bugs me to pay $60 for one or two week ZERO gallon water bill. 

Ideally we want one that we can use on occasion and rent out the rest of the time. 

I would put it on the same playing field as...say...a public restroom at a rural gas station...