I want to take a Heloc but always was scared of it...I want to open it just in case, sort of like if I lose my job, etc...1) Do I understand correctly, if I open a HELOC but do not borrow the money, then this I do not owe any payments to the mortgage company?

When issues came up and I was losing sleep at night it was really nice to be able to drive to the property to help mitigate problems. 

I stay away from offerings with a higher minimum because it's more money than I want to lose if something goes wrong.In exchange for advertising a 506(c) offering, I believe you have to verify accreditation.

They state that the treatment last used (one building 1992 and other 1996) is losing effectiveness.

Pet rent is not a deposit so don't count it toward the cost of repairs.Scratches in the wood floor would probably be considered ordinary wear-and-tear unless it's excessive for the situation.

why not hold onto it through the recession and break even or lose a little bit each month instead of losing thousands?

So you could bill tenants at $6.24 per unit.The other crummy way the County bills for water:  there is no online portal for bill retrieval and if you lose a bill you must contact the city to request a water billing history. 

We ask for 30 days and they lose their security.

And most likely they would lose their license. 

There's nothing worse than losing a smokin' hot deal because your funding took too long or failed entirely.Make sure you find an investor-friendly mortgage broker/banker who will talk straight and deliver under pressure.