And to do this, you will need to prove you can close and close quick.

Lawns can go to hell quickly, I wouldn't expect a tenant to maintain it and do a good job. 

That could mean paying a bit more, paying the title policy, giving a low-cost lease back, or something else that's attractive to the seller.I hope this is informative.

Once you analyze enough properties, you will quickly figure out whats realistic and acceptable to you.Having said that, the calculators here on BP would be a really good place to start.

Luckily we are frugal Francenes and can afford to get the rentals back up and running pretty quickly, but I'll be more broke than I've ever been.   

Currently, I invest in SFs and location is very important for any prospective properties - 1) because it may attract a certain tenant (ie. great school district, or close to a college campus) and may also help me avoid certain tenants that might be troublesome and 2) future resale/appreciation.I am interested in pursuing MFs, and I find some really great cash flowing properties in my city (and out of state), but they are located on the edge of what might be considered less desirable part(s) of town.  

Quick thoughts from what I knowFirst is this true? 

When rates go up HELOC payments can go up quickly.

I did some quick calculations and I'm very interested but at the same time I'm very hesitant.

From what I've quickly read up on it doesn't seem like you need a license.