Fannie instituted that former requirement due to "buy and bail" schemes during the Recession, where people with underwater houses would buy a similar home for way less than their current loan balance, and immediately stop making payments on the underwater home.

You also may have less legal standing in the country (for instance if your 51% partner decides to stop paying your share of the cash flow).

I would also suggest joining your local REAI (real estate investment association) For a very modest membership fee you get access to a wealth of education and networking.Just some suggestions.Good luck

You just have access to cash anytime w/ heloc.

You can't stop a  payment if you have given a tenant your bank info, or use a process that doesn't allow you to block a tenant payment, unless you close the account.

Apparently he hasn't been around long or he would have stopped it!

If there was a major water leak, how do stop the water from flowing?).

There are some good opportunities here, imo, but I'm afraid the environment combined with the crime rate will stop people from renting or buying here.Is a whole seller someone with a different strategy compared to the fix and flip guys?

Never stop learning.

If not, you need to consider the time involved with obtaining estimates, reviews, scheduling, providing access, handling issues that come up (like new water heater required  we remove the entire door and frame for access as they are wider now).