Just to follow up with my original story, I ended up buying a house in Groveland, California, using a conventional mortgage.

So my thinking on why I can make it cash-flow positive is two-fold:  1) Start using a service that passes the cleaning fee on to the renter (like Airbnb), and most importantly, 2) update the cottage with modern finishes and décor where the new, professional pics will attract a much higher occupancy rate. 

I built from scratch using a construction loan and it took forever to get draws from the bank, and just about broke me building it. 

Point is, in the unfortunate event of a disaster, I would highly recommend being your own General Contractor and not using a "storm/fire chaser". 

The biggest advantage of using a HELOC is you don’t pay any interest if you don’t use it.

I am investigating using a hard money lender in the Akron/Canton area for a Flip or BRRRR.

Any experiences with using a non recourse loan for a self directed IRA to buy a rental property?

If using a lender this is a non issue.

If using a lender this is a non issue.

If you're using a creative strategy or have options that may benefit them (other than close quickly for more cash than the other guys) you just might pique their curiosity and get that call.