The HELOC gives you lots of flexibility without rushing you into a deal (every second your money sits in the bank, you're losing ROI).I have a $110k HELOC that I keep in reserve for when my liquid cash runs dry.  

You won't find a commercial lender at 85% with this hair on the deal. 

If you can't find a buyer you might be leaving the seller out to dry.  

Also, I would highly recommend installing a washer and drying into the units.

If financing dries up how will a beginner get in ?

Appliances are abused, screens and screen doors torn and broken, yards dried up and weed-ridden, washer and dryers killed, dishwashers missing jet thingies, etc.   

The deals just weren't out there, and those that were we were outbid on.I think there are always deals in every market, there are just times imo its more important to be conservative and keep a little powder dry. 

The recession hit, employment dried up and the house was upside down and we ended up stuck where we were.

I was able to fill each space with photographers, hair salon, insurance agent, recording studio, background check company, cpa, medical massage and a 3000 sq ft floor to a non-profit dance studio.I often bring the group together for happy hours on my dime, networking meetings etc.  

There is not much work that needs to be done, just a little dry wall, paint and a backed up sink in the basement.