It does put me in an....ethical dilemma, which maybe can be solved through proper disclosures, that if a house has been rehabbed...have the major mechanical systems, and capex been updated also?  

We went with electric in NE FL, AquaCool system.

As time goes you need to establish systems and processes for smooth transactions.

The bank that I'm working with for the HELOC is also looking into this to see if their systems pulled incorrect information.

Under MLI Select it said Purchase/refinanceOPTION A: 80% of units: maximum rent is ator below 30th percentile of rents (CMHC in thesubject market) for units of similar type (numberof bedrooms)OROPTION B: Project approved under otherhousing programs/initiatives (municipal, provincialor federal) that provide support for developmentof affordable housing such as capital grants,municipal concessions or expedited planningOROPTION C: Social housing projects with upto 5 years remaining on operating agreement:additional criteria applyNote: For all options, the affordability of designatedunits must be maintained for a minimum of 10 years.Affordable units are subject to provincially allowableannual rent increase or CPI.Pretty vague description and doesn't speak to the point system so i'm waiting to hear back for clarification.  

As a brand new investor, if you are to use Direct Mail, you need a response system if you can't answer the phone all the time.

Also keep in mind in general crime is up, so think about security systems if it is a concern.Although this next statement probably won't make you feel better, but not all crime is reported. 

Interesting niche and I have started sizing the market here in NJ for some of the bigger schools.I'm work in a highly customer-facing, funnel-driven job so I'm setting up a LAPS system for myself.

You don't need to invest in the same state, you just need to set up systems that can help you manage out-of-state (and choose a favorable market like FL where regulations aren't changing anytime soon).

Then, you also have your continual Capex reserves, i.e. a new roof will still wear out in about 25 years, or a new HVAC system about 15 years.For maintenance, it is always a best guess, and percentage is about all you can use, but similar to Capex, the situation needs assessed: lots of trees, expect 2x per year gutter cleaning.