Then you use your income to or extra money each month to pay down the HELOC, until paid back down - wash, rinse, repeat over and over.

Regarding the agent/helper that assisted you....was he an actual Realtor? 

I've done it... it was a wash.

In my neighborhood I cut grass, did landscaping, washed cars and more.

After Repair Value: $130,000Closing Costs at time of purchase: $2929Monthly Holding Costs: $1,370Interest Payments: $570Property Taxes: $620Electricity: $50Water: $30Insurance $100Number of months holding costs: 9Total carrying costs: $21,889Repairs $47,242 + 10% Contingency = $51,966 TASK UNIT Materials Needed Line Item Cost Asphalt Shingles Per Square 20 $4,400.00 Aluminum Gutter Per LF 150 $675.00 Pressure Wash Per House 1 $150.00 Vinyl Siding Per Square 1 $265.00 Paint Exterior Per Floor SF 100 $137.50 Lawn Maintenance Per 1/4 Acre 2 $70.00 Trim Bushes Per Yard 3 $120.00 Remove Tree Per Tree $1,000.00 Fix Foundation Wall Per LF 60 $9,000.00 Roll-Off Dumpster Dumpster 1 $350.00 Full Demo Per SF 2400 $960.00 Service Call Per Hour 8 $680.00 Natural Gas Hot Water Heater - 50 Gallon Per House 1 $710.00 Replace All Supply Lines Per Fixture 5 $1,000.00 Install/Replace Tub Per Tub 1 $350.00 Build Tile Shower Per SF 70 $1,365.00 Kitchen Sink Per Sink 1 $120.00 Bathroom Sink Per Sink 2 $140.00 Kitchen Faucet Per Sink 1 $90.00 Bathroom Faucet Per Sink 2 $140.00 Trim Kit Only Per Tub 1 $130.00 Install/Replace Toilet Per Toilet 2 $340.00 Install Dishwasher Per House 1 $430.00 Install Can Light Per Can 10 $650.00 Replace Furnace Per Unit 1 $1,100.00 Loose-Fill Insulation Per SF 100 $100.00 Wall Board Per SF 1000 $1,160.00 Exterior Door Per Door 1 $800.00 Interior Door Per Door 10 $1,700.00 Replace Window Per Window 10 $2,000.00 Repaint Per Floor SF 1400 $3,150.00 Install Kitchen Cabinets Per linear inch 240 $2,040.00 25" Vanity Per Vanity 2 $300.00 Granite Countertops Per SF 50 $1,600.00 Install Carpet/Pad Per SY 45 $180.00 Carpet+Pad Material Per SF 400 $700.00 Install Laminate Wood Per SF 1300 $3,250.00 Install Tile Per SF 100 $550.00 Permits Per House 1 $200.00 Refrigerator Per Appliance 1 $1,100.00 Range Per Appliance 1 $900.00 Dishwasher Per Appliance 1 $700.00 Microwave Per Appliance 1 $440.00 Washer/Dryer Set Per Set 1 $2,000.00 Commission to Realtor at time of Sale 7% - $9,100Offer Price: $32,000 Potential Profit: $23,044

Clean common area and collect my washing machine quarters.6 months I change the batteries in the smoke detectors/CO, fire extinguisher inspection/charging6 months I do a plumbing inspection6 months I do a thermostat battery changeNovember I do a radiator bleed.None are done at the same time and I do a complete walk through when doing.My buildings are across from town hall and the police station.

Initial ideas were to white wash the wood paneling for a farmhouse look, replace hardware for kitchen/bath vanities, new laminate countertops, maybe a backsplash in kitchen?

IE: You wash how much laundry in support of the rental vs your personal laundry.

However any single family residence requiring minimal work can only achieve about $100-$200 cash flow not including any potential capitol expenditures, repairs or landscaping so it is pretty much a wash.

Average rents right now are about 1,500 to 1,800. downstairs 2 bedroom (plus sunroom which they're currently using for a bedroom) with garage and unfinished basement (used for storage) and they have access for both tenants to go downstairs to the basement to use washing machines if needed.