I want to take out a HELOC to purchase a short sale property in the new state to get something under market value.

Hello all,My name is MarcAnthony, but all of my friends call me Marc for short, and I am in my third year of law school in CT.

However, I would caution you that they are best when used for short term needs.   

Generally speaking, if you borrow 100K (70k for the purchase 30k for repairs/upgrades) what will happen is this: To close they will require proof of 1yr homeowners insurance to be paid, eliminating the need to escrow it because HML are short term solutions they will probably require it to be paid back within a year.

In that situation, if everything else checks out and they are just short of 3X the monthly rent, they might know someone who will do this for them.

Reason being, once you gave a big fish on your hook, the time allotted to you to reel it in is short.  

We listed a property at 137K. After we had the final city inspections it was determined that we needed to build a new garage because our fixes were not sufficient. So we let buyers know a brand new garage is being con...

This interior change forced us to consider the short term rental market and how it could actually be a desirable feature for this market where a group may be interested in renting both sides like adjoining hotel rooms.Our total cash into the renovations was extensive ($95,000). 

In short, the property is a Florida duplex that we will likely lease as short-term vacation rentals.

I have a couple I have to feed $100-200/ month but they have a lot of equity and are on short loan terms.I need 5:1 paydown to neg cf ratio.