Old owner was assessed at low price that went slowly up with cost of living.

Keep the job and invest part time as a hobby and assess your future as you go forward.

But does this mean next year, my house will get assessed to the Heloc apprised value and raise my property taxes?

I agree normally with assessing the time value of money and putting  a dollar amount on your time, but as long as it's not sucking up too much of your time (and it shouldn't for quite a while for most SFR investors if you have good systems), there is something about doing your own books that really lets you keep your finger on the pulse of the business much better than just reading reports at the end of the month or whenever.  

I say this with love....the courthouse is no place for amateurs.Professionals dominate the courthouse auctions and don't take prisoners.They work in teams with buyers on the steps and scouts at the actual property trying to see what it is worth and how much damage needs to be repaired.If whatever property you're going to bid on has good potential,they'll know it and will out bid you unless you go overboard and bid way too much to profit.They have multi million dollar lines of credit and buy properties by the dozen in one day.Only way to beat them is to buy the property before it gets to the auction and on their radar.

We’ve had nearly a dozen similar inquiries on a similar property—lingering vacant property during this seasonal lull.

I could probably do that and the EGI would go up by $69k)Repairs & Maintenance: $767/unit (7.5% of EGI)Service Contracts: $125/unit (1.2% of EGI)Management fee: 7% of EGIMake Ready and rollover: $310/unit (smaller units and this is accounting for a 60% renewal rate)Property Taxes: 2.13% of future assessment value Insurance: $753/unit (7.4% of EGI...the building was built in the 60s and rehabbed in 2012) Total OpEx: 82.8%Thoughts?

., etc...if you're trying to rent a 3 br 2 ba B house in a B neighborhood, then you need to know what dozens of other 3 br 2 ba B houses in B neighborhoods are renting for, and then go from there.Good luck out there!

First, we request Owners to provide a "reserve" of typically $1000, depending on our assessment of the condition of the property at takeover.

Easier to get out of a couple dozen properties rather than a couple hundred.