They keep you busy at the refinery with all those "unplanned flaring events"...I've lived in Hermosa/Redondo/Torrance the past twenty years and finding something affordable is pretty difficult in our area. 

Having said, it depends on what your strategy is.If you implement the BRRRR strategy (look it up if you are unsure what is), you can get that type of return.But if you are looking for a  turnkey property to rent out, it will be very difficult to get a 15% CoC return in my opinion.

If I find that to be difficult, turnkey investing will be my next option.I would love to connect with wholesalers, contractors, investors, turnkey providers and property managers in these markets.  

I may be able to get a financial partner for this balance but if I cannot what are your thoughts on using an additional loan?

It will be difficult and ultimately that will be up to the underwriter at your lender.

In our case, my wife helped her mom manage the finances for a number of years, like over 20, account is jointly held, and the account balances ranged from $50K to over $100K.

I don't think it's a secret that the Chicago market is difficult to find a deal in, but I'm not interested in looking out of town, especially as I get started. 

The fee is often 10% of the gross rent due for the balance of the term.

So if the HELOC came next, then that's the order it goes in.So the HOA is usually in 1st position AND 4th position.If there is enough equity in the condo, the HOA can and will push through their foreclosure, getting back all past due balances and costs. 

I believe Fannie/Freddie guidelines are that only the current balance/payment is counted towards DTI, while many lenders will have more stringent guidelines that could possibly count up to the maximum payment if the line of credit is fully utilized.