You borrow the $20k downpayment plus $5k in closing costs and $5k in rehab costs from your HELOC also at 6% (note $5k in rehab costs in nothing so the house better be newer and in great shape).Let's say you rent the property out for $1000/month and using the 50% rule you have $500 in expenses each month.Your mortgage payment will be $480/month.

Filing the claim will only cost me about $125, which I could recoup if the judge rules in my favor and they pay what is owed.  

The only major downside is that by being licensed, you are now subject to the rules and regulations of your state's licensing board, so this exposes you to more scrutiny and you have to abide by their rules.

I only have a few properties and wouldnt because I like to learn the rules and do it myself as I feel I can squeeze more out than the CPA will.

However, it means you have to abide by their rules.

I am referring to the following article:  Ultimate Rule: Better Tenants = Fewer Management ProblemsThe ultimate rule to help you reduce bad tenant situations is to lease to better tenants in the first place.

I'm assuminh that if I do the latter, then I'd also use my personal account for repairs, maintenance & improvements to my unit as well.Is there some other method?

I had to repeatedly travel back to the house over and over for meetings with a specific firm of plumbers that the HOA insisted come there with the brief to persuade me to believe I had pipes leaking under my slab foundation - and push me to pay them for extensive unnecessary works.The previous (independent) pumpers and the engineer had already explored all this and confirmed no such issues The Board started inviting me to take part in the morning meetings they set up monthly to argue with homeowners who have broken rules. 

The numbers would still have been way better to hold it as a rental (nearly 2% rule with my before rehab purchase price), but I didn't have time or the ability to try to look into other financing while I was in Oregon.Fast forward to 1 week from closing and the bank says that they will have to take my name off the title for the house and leave it in just my father's name. 

It seams like an area that is starting to improve and is pretty close to the Grosse Pointe areas which are pretty nice and pricey here.The asking price on the property is $46,900.