The property was a bad deal flooding in the house, black mold in the inside of wall, previous tenant smoking which ruined the white paint and carpet and a major plumbing problem.

To overly simplify: debt used to purchase an income-producing asset (like it sounds you're planning to use it for) that you can borrow at a rate lower than the rate of return you expect to get from that asset.Even if property prices decline during a potential recession, I think the general consensus is (and I tend to agree), that the most we'd see unless there's WW3 or another crazy black swan event would be a temporary pull-back of ~10%, and as long as you're still cashflowing based on income/expenses, you should have no problem holding until the market comes back up, which it inevitably will.What I would caution you on though is make sure to read all the fine print of the HELOC! 

Many people: aren't mechanically inclined; are scared of heights; get sick from small stinky black mold stuff (plumbing); etc etc etc ...

Front wrap around porch, stained support pillars, black metal awning and great built in benches out back!

Unless your gloves are more black and heavier than your owners gloves then you may have a chance!

The girl has moved out and wants her name off the lease.

At one time Black was even less than white appliances, guess what went into my student rental that I was renovating, all Black appliances. as far as the tub, there is not a huge difference in price and again it depends on the area but will a tub even be used, why not change it to a shower?

So I have to constantly find ones who want 9 to 12m.Even if I settle for 3m lease, then I have to start advertising again in couple months.My manager has one girl who does ad on the side who charges $50 to find tenant per room.

So I have to constantly find ones who want 9 to 12m.Even if I settle for 3m lease, then I have to start advertising again in couple months.My manager has one girl who does ad on the side who charges $50 to find tenant per room.

The manager has a girl who posts ads on the side, is not too reliable, consistent or pro-active, charges me same for 3m or 9m lease.