Hi Anthony, I have not, I mostly look for 2-4 flats because if I decide I don't want to do Airbnb anymore I can just rent to regular tenants.

Make sure it's clear you have no intention to buy the property but you are selling contracts as a business and doing this without a real estate license, you're now selling securities without a securities license too.

I gave up in a regular job.

A senior secured loan gives a lender a structural advantage over “mezzanine” or subordinated debt because senior debt is the first to be paid; it has top place in the event of liquidation.

We found a property management company but before signing the contract, noticed that they put "owner to pay $395 to secure lease renewal of current tenant""owner to pay 8% per month but subject to $100 a month minimum payment" of gross revenues DUE (not paid) prior to monthly disbursements""if premises are vacant at any time during this agreement, then owner shall pay manager $100 per month for management of premises including supervision of maintenance"It doesn't seem like these terms fit for managing our simple duplex rental. 

I’m trying to sink my teeth in on my first investment property but had an issue trying to secure a loan on a SMF.

I'm sure you've seen a lot of investors on this site and others who bash us regularly because of their personal experience with bad managers (or people who claim to be managers) and I totally understand it.  

@Ryan MacDonald Depending on the property type, you should definitely find someone who has experience on the type of property you have (I do mobile homes) and works in the area on a regular basis.

I started doing project management and charging a fee for it in addition to my regular agent services because I just couldn't justify working for free for clients after the sale and they kept running into problems trying to manage the projects from abroad. 

The HELOC is secured against your property.