You HAVE TO learn to expect and plan for the worst case every time and you will probably lose money on the first thing.

That neighborhood is generally one of the worst neighborhoods in Gainesville and tons of crime. 

Something will always break at the worst possible time. :)And no one has mentioned notes.

Worst case, you refinance out of hard money into a conventional loan and try to find a renter as fast as you can. my 2 cents,

Throughout the purchasing process buyers, sellers, agents, lenders, and title employees all come together to work towards the closing of the real estate deal. There are many moving parts that can provide multiple type...

One line that stuck out to me - "The worst thing one can do, especially late in a paradigm, is to build one’s portfolio based on what would have worked well over the prior 10 years, yet that’s typical."

On the continuum of “worst things ever” to “I have the best tenants ever” this is barely moving the needle.

Cut chase: 1 dont  relay on agent 100% 2 get lawyer 3 go know the neiborhood 4 numbers on worst case scenario. 5 watch if buying from foreign seller .( taxes laws)  Etc etc .

Run your numbers on the potential investment with the worst case scenario...if it still makes sense, then the HELOC should seem a lot less scary.

or a repair.Ask your CPA to help you crunch numbers and projections, see what the worst case scenario would look like, what the best case could be.