Further work, including zoning board meetings, presentations for zoning board would be extra.There are three issues which jumps out in your case.1.

We don't want a new mortgage because interest rate was so good.

Any data on the default rate for the notes you invest in?

I would require new leases, new rent rates, and new deposits all at once.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

I'd suggest to meet with as many successful investors as you can in your market.

I'm Eric Whiting from central Florida, passionate about real estate investing and looking forward to learning more and meeting you fine people.

Also look on the local MeetUp sites for investment groups that meet their locally. 

BRRRRs are really tough right now with interest rates high, rents flat, contractors booked up, and tremendous competition for deals.i always get nervous with HELOCs as down payment because it can mean that you're not well capitalized. 

You'll get much better rate with owner occupied loan.