Please give me a little more than the IRS line that goes like - anything necessary for the daily function of the business.Thank you!

Depending on the amount of painting and cleaning required, a unit might not be able to be placed in service until painting or cleaning was complete, but you could reasonably place a unit in service with old door locks, no flowers, and a non-functioning garage door opener. 

I’m also looking into other areas of the country, but that’s neither here nor there.Assuming all that, I plan on using the HELOC (500K-600K) to purchase multiple SFH or one or two multifamilies, functioning like a cash purchase, pay in full for each.

These units are less attractive and less functional for non-disabled people and harder to rent overall.

They do not care about the condition of the unit provided or functions as intended and meters their minimum standards.

Often times, investors tweak the #s to make the deal barely function (on paper) and do not leave any margin of error. 

I noticed when we did the inspection yesterday that neither of the smoke detectors in his unit were functioning. 

@David Khalfin, when you analyze a deal, you have to account for both operation expenses (what you already do) and capital expenses (renovations/big ticket items needed to have a functional, clean, and safe unit).

Use the search function if a BP member previously was in search of a CPA.

Functioning oak cabinets, oak baseboards, and outdated fixtures don't "need" to be rehabbed and would qualify as move in ready in my mind.