It's worked well for us and we've both learned a lot from each other and the experience that I think has accelerated our learning curve and ability to move quickly. 

@Andy D.yes have tenants send you pictures of their utility bills- if you explain to them the purpose of why you are having MassSave come by and its helpful to them since they bring in LED lights, which will last and not burn out quickly 

As long as you have a plan to pay that HELOC off quickly that is the key. 

If you have reasonable vendors that allow you to get things done for a good price and quickly, then it probably doesn't add a lot of headache.

Received our first rent check. Feels good. I have certain amounts that i want to divy up to go towards future expenses (capex etc). We also set up a competely separate account for the house. Do we leave that excess in...

Hell no...... this was a minor issue that was quickly addressed.

I figure this is likely the commercial space value and I could probably add $50/month on lot rent, or trailer rent on the non month to month trailers (all but one).I'm trying to learn commercial quickly, but I still don't know all the right questions, or what documents to request, or what things I don't know to ask that will bite me (are septic systems legal, violations, etc)I would appreciate any feedback on any aspect of this deal, from my financing assumptions, cap rate, reasons I want to like it, office rental income, etc.The numbers I used are from the P&L they provided, and seem really high. 

Here are three examples:I used a mortgage firm with very low fees, but when I tried to cashout refi quickly for upcoming auctions, they were terribly slow and I missed three auctions - so it cost me a fortune in lost deals.

Then simply quick sale the first one before close.

There are exceptions, but they are grabbed up pretty quick or are at inflated prices.