Make sure these items flow through in to your needs list when you are shopping for a home.. this will help you ensure your home is getting the best mix of occupancy and nightly rates as it will be a more sought after home by guests.Keep both hats in mind and you will be off on the right foot!

I would highly suggest you get approved, either from a traditional lender or a hard money lender. 

I would hope at this price point that your repair budget and a few other items are overestimated, which should make this cash flow number better.

We can help each other in an informal setting on lessons learned or items such as the following to name a few:- Tenants not paying rent on time or at all- Tenant screening- Contractor suggestions for upgrade/remodel- Upgrades to increase rents- Leasing- Maintenance issues- Other...If you are at all interested please let me know so I can try to put something together, if not, no worries and have a wonderful day!

I know through traditional loans the banks like to see a seasoning of funds for 2 months but I would like to be able to offer on properties as I am already pre approved just need help with the additional amount needed.

The over-leveraged investors will be unable to get traditional financing and will be in much worse shape.

Should I use HELOC to pay cash for the rental property or should I use traditional morgage?

Did you go after the traditional absentee owners or high equity lists?

I have factored In the big ticket items and I’ll work out the rest.

If possible your best option will probably be traditional financing as it is generally the cheapest and the least complicated.