I know it is silly to assume risk for small additional costs or administrative burdens but I'm thinking the liability coverage will help offset that risk.  

Quote from @Drew Sygit: Hey Drew, what type of things help you identify a good potential tenant? 

We are actively looking for foreclosed properties that need a bailout. If you or someone you know owns a property in foreclosure and needs assistance, we are here to help.Please connect with us if you have a property ...

The projects that are going up are built with less than qualified help, cheap materials and rushed to the point of poor craftsmanship all around.

OR you'd have to do 2 separate transactions and incur 2 sets of closing costs/ transactional costs. i dont think its a bad play, a lot of people leverage one to help them expand to the next. another challenge you will have, though, is pulling something small like $50k out. most lenders rn have a $100k min. you might be able to find less but then fees/ points will be a little excessive. 

I know there are lots of Memphis and CC investors here and appreciate any help.

The more leveraged secured debt you have will impact any cash flow.As mentioned by Nicholas, the BRRRR method could help payoff the HELOC too. 

That’s super helpful information.

However, with the property being placed into service it does help your case to allow for certain expenses to be deducted in the current year.

Well I invested to help a friend put a camper on it and we kind of talked about trying to go into business together.