If you are wanting to BRRR, then you can use your heloc to purchase and rehab a property or a combination of that and hard money to find a duplex.I work with a bank that will Cash out refinance once a tenant is placed and will lend based off of the asset and income production, not based of my debt to income ratio.

If you answer affirmative on each of those questions the next question is whether there is a better investment option available.LA historically appreciates going back more than 50 years at rate higher than inflation and higher than RE in the average locale.  

Mainly because syndicators who advertise deals are so far above the average investor that they arent going to need your help. 

Bottom line I would have to put in all this money and work, to get a average return.

Couple of key points that really separate the 203k from other products include: - ability to finance up to 6 months of mortgage payments while the renovation is being completed if the whole is listed as uninhabitable by the HUD consultant. 

Average renter stays 2 years in an apartment 4 years in a house.

There may be an amended 2016 tax return, as well as a more honest 2017 tax return, in your near future, wherein you report all your tip income, allowing the lender to take a 2 year average.

So, not really for the average mom and pop investor.

I have owned a couple single family rentals, and I am looking to make the move into smaller apartment buildings.I have found a 24 unit building, and I am wondering what the average price per door I should be offering.2 bed / 1 bath apartments go for about $650/MO. here in Michigan.

You want to get in at a good price and develop a great product through your rehab.