How about “ I know the multi family market data well and its a great time to buy rentals because interest rates are above 7% for 30 year mortgage and people don’t have 20% down payment to avoid PMI for lower monthly payments.

Does anyone know what type of documentation is needed to prove the HELOC funds are used for improvements to the property? 

Rent-o-meter is an ok barometer for prices but thats for average units in fair condition, with a good marketing plan, solid upgrades and some value add you should be able to get more than the average going rental rate for your units 

Also, it is very difficult to find funding to build on a property you already own, especially if it is also leveraged.

The performance of your particular asset... real estate markets... lending markets... interest rates... general economy... 

I understand the capital region, the Adirondack region, and Western New York (Rochester and Buffalo) have their strengths and weaknesses, but I'm going to focus on this central part of the state.Binghamton is my favorite investment market for a few reasons, but it's not for everyone.STRENGTHS-  low prices-  blue collar overall, meaning lots of resources for contractors-  growing university, consistently growing rents-  I expect to see an actual 10% cap rate here, higher if the property needs work-  compared to downstate, permitting, evictions, etc. are simple and quick-  no code compliance inspections required on existing multifamiliesWEAKNESSES-  no. natural. appreciation.

I also see demand surging at the first rate cut.

Lenders who will lend 100% of funds needed are far and few.Good Luck.

Yield assumes that the cashflows are reinvested at the same rate of return and periodicity for the entirety of the life of the asset.

It was a hybrid between a HELOC and an equity loan but I wound up refinancing to a larger amount with fixed rate conventional loan (to pay for a renovation).