It took a little while, but when it popped up on the MLS I was well-prepared to submit an offer and even in a multi-offer scenario I was able to make my offer stand out (happy to go into how we did that if that'd be helpful)

The problem is it's by far the most expensive PMS while simultaneously being by far the least transparent as to what its capabilities and limitations are.With Ownerrez, you can look through their entire documentation library before signing up. 

I have seen some on market properties that would work as well, but your numbers need to be solid since you'll need to submit highest and best quickly as they move so fast.Buy box is $300k-$600k, SFR/Condo/Townhouse.

If the amount is significant I draw up a document stating the interest rate and the payment plan.

Document all rental-related expenses and mileage carefully for tax purposes.This post does not create a CPA-Client relationship.

This is not the place to cheap out over a few hundred dollars.Lots of lenders and virtually all borrowers never read their loan documents.

My clients want to submit an offer of $230K.Btw, this is a Texas market.As a seller’s or buyer’s agent, how would you respond to this situation?

It also depends on the situation sometimes a HELOC is warranted for short term financial needs so long as you have a plan to get back in the same or better financial position afterwards and the "means," and "will," to carry out this financial or mortgage plan- HELOC's are typically full documentation qualifying loans so you'll need actual income to qualify whether it be from pension, insurance, rental's, etc that are all fully documented on taxes, W2's, 1099 forms, etc.

I have kept track of all my expenses in an excel sheet/word document but feel like there may be a more organized and efficient method to tracking?

Go to Etsy and search for "rental property tracker," and you will find hundreds of nice spreadsheets to track 10-20 rentals, usually for under $10.Software has extremely helpful features like online payments, marketing syndication (click a button, and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.