Right now, the buy-in is so high in NJ, they are locking up deals at prices that aren't sustainable and chasing spreads that are way too big.

They locked in rates for 30 yrs therefore guaranteeing a higher potential of success.

Reason I do not want to do a cash out refi on my primary is because my rate is locked at 2.7%.

She aims high and typically locks in top tier tenants.  

You typically charge them an Option Fee (the $20k) to lock in purchase terms today. 

I also do not think the people will allow themselves to be locked down again based on the post covid review which this is not political.

You definitely need professionals with their ear to the ground to know how to take advantage of those changes instead of being caught in them.

My personal thought on an LLC is that if you actually need the extra protection that's given by registering in a super business friendly state, you usually have someone in your ear already telling you as you grow to a large enough size for it to matter.

As an investor and PM in the OKC the advantage of a PM is they're your "boots on the ground" example is performing property inspections, posting notices to quit, ext.... it's extremely difficult to run any rentals out of state without someone there to be your eyes and ears. of course I'm a bit biased in this situation.

Just make sure you factor in all costs and find out if your heloc allows rate locks and interest only payments.... the goal would be to pay off HELOC ASAP and then use it again to invest in the next property....