They have appreciated well,  we might be in a unique situation being in an excellent school system in a high income area---condos are how people get into the school system.  

Then, you've got to get the city on board because these are going to be unique properties.

@Bryan Mills from my understanding c corps pay taxes on net income not gross income so operating costs and any gross income that gets reinvested or paid out for expenses to accountants, lawyers, realestate agents, debt repayments (the initial 4 million investment being repayed is debt for the corporation a d deductible) are all tax deductible.

Yes, these areas are unique markets where initial cash flow can be difficult at first (unless you put a larger down payment).... but the long term appreciation in equity and rent wins the game compared to other areas where most invest looking for initial cashflows.  

The problem noobs run into is almost never the list, it's instead the message / offer.The list above are fine starting points, but always best to take them a step further, and segment them by age, equity, area, length of ownership, property type, etc until you have a list of people with fairly similar, and ideally somewhat unique characteristics.

You have the unique advantage of having just did this with one of the three houses so you have a better idea of what is going to take to do it two more times. 

Sometimes unique properties sell better in these off market systems. 

If you don't use any money from the HELOC, then you don't have any debt to repay.

@Justin Hazel Out of state investing has some unique challenges but it doesn't have to be as difficult as some people make it sound.

We have a very unique, and challenging real estate market in the New Orleans area.