For networking with wholesalers, my best bet not knowing any better would be finding whomever I can on BP and checking out local meetups, then seeing how many of both of those I can cram into a short trip in Indy.Do you use a web tool for comps, or do you know your target areas well after a few trips?  

@Percy N. my immediate thought as well...My banker (not my credit union - I have both, and there are good and bad for this) and I have discussed the HELOC and it's 5.5% with no additional cost/fees, etc...

Even if it's nominal, or even if you get no additional rent, working on the place while occupied is cheaper than having it sit vacant while you do that work.

Not picking on you but there ws some homework you didn't do along the way and I would bet he was not the most expensive guy.

@Assaf Furman the premium is based on the building value you are insuring, so without knowing what that is, no one could tell you if that is high or low.I'll PM you some additional options you may want to consider.

In addition don't forget that the rental income also includes a principle reduction amount that adds to your net worth each month.  

If that number factors in maintenance, vacancy, capex reserves in addition to both principal/interest payments and the taxes and insurance I would definitely do the deal. $2580 of annual returns on a $0 investment is a hell of a return. 

Here is the response.That's an estimate and it's definitely high, but it will be more than usual because it's investment so there are additional things that the appraiser has to do.

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.

I found a 2/1 that I would like to renovate and add an addition on it to make it into a duplex.