I was more curious to see if anyone uses a move-in or damage report form requiring tenants to confirm they’ve reviewed the unit and accept it as-is, with no issues.

My question is if I made the HELOC go away from my cash reserves, could we then agree to seller finance the remainder and then use the cashflow from the STR to pay her plus give her a percentage to manage the property? 

If you can get a 30-year loan on it and still make positive income, as well as appreciation along the way, it will leave you with more for reserves and more for other investments.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Do you have reserves in case the furnace dies?

@Agatha OliveiraSharing an operating agreement does not pierce your LLc and every contract you enter into the company should ask for a copy of the operating agreement to confirm the person signing has that authority

Some advice on HELOCs:Only use 50 percent of the total amount you have available and earmark 15k of that for reserves.

To confirm, compare with comps

They were having a new washer & dryers being delivered, upon the delivery the installer was unable to install due to the flooring.Please see attached.The funds in your reserve acct is $1000.

If you're in the real estate investment business and must watch every penny, irrespective of your time, then by all means, do what you think will keep your expenses to a minimum.If, on the other hand, you are really in the business of creating profit by way of being a good marketer and a committed dealmaker, your creative energies ought to be reserved for doing what you do best (or intend to do best)...