Do you know what the costs should be? 

A year of rent sounds great on the surface but I'm wondering why they wouldn't just pursue a normal year long (long term) rental...maybe they've been bad renters or have bad credit or low income.

And also, pricing at 7% with that low of a FICO is highly unlikely, unless I am missing something here@Robin Simon I'm not familiar with the quote but confirming our minimum FICO currently is 640 however if there is a partnership (multiple full joint and several recourse guarantors) we currently take the higher of the two median FICOs if equal ownership % Also - 7.625% is certainly in our ballpark currently - doesn't seem unreasonable with our rates right now! 

It seems there is a significant discrepancy with the cost of housing (very high) and rent (much lower then the cost of housing).

There is low inventory everywhere and regular home buyers are buying the homes to flip, pushing the prices way up.

Your insurance costs are high in Florida so you would want to hedge toward the middle of the state as opposed to coastal.

If rehab is needed, you can either use conventional rehab loan to finance your rehab costs or open a line of credit on a property that you may have then use that line of credit to fund your rehab expenses.

@Aaron Rushtoni know your questions are very focused on the HELOC but... there are lots of aspects to a BRRRR, and financing is only one of them.and if you use borrowed funds for 100% of everything then yes, that's potentially less cash out of pocket, but it also increases the overall cost of your project, putting more pressure on the appraisal and refinance. 

Good turnkey providers should be able to minimize vacancy periods and reduce turnover costs.

The house hack cash flow should more than pay all the costs and throw off profits.