To me, this is a cost that won't "add value" to your BRRRR, so I would more strongly consider how much it might impact your ability to rent the unit/house.

There are probably going to be other posters that endeavor to layout paperwork suggestions so I will leave something for other keyboard heroes. :-)With that being said what you were doing is definitely a gamble.

Not an attorney or CPA so cannot help on those items.

So far, it's been challenging, but definitely worth it.

I'll also invite you on here to some education based Investor meetups coming up so look out for that!

So the "Act of God" will continue to happen.

This is the real estate version of “dollar cost averaging.”So even though home prices do go up and down, they tend to go up overall.If you get in the market you are getting a piece of the pie, versus waiting and missing out.For example, you might end up selling when prices are lower, but then you are buying a new place when prices are lower too.

Average rent in this area might be $1100-$1300/month if you have a nice property but this one is outdated so you would probably get $950/month.

So, your portfolio will actually be sucking cash out of your life, if you buy a traditional long-term rental using a HELOC as your down payment, for many years. 

Unless you do them all at one time, you have origination and closing costs on each house…so perhaps you pay up front to split the land.Obviously, I am not a developer and someone who is may chime in.