The problem with almost any easy get rich quick scheme is that they don't work, and this one fits that bill.Rather than looking at a simple rule like that, look at it this way; can you add value to the property you're looking to buy, and if so, can you add enough value that your returns (including your own time spent on it) beat a common benchmark like the S&P?

Great advise on the $1,000 worth of work a day regarding hiring contractors, and that is a very sound benchmark to go by.

They realize that they will just pay the taxes if they cannot find property that meets their financial benchmarks.  

By being a person first and use respect and direct communication has been helpful for us.What would be a reasonable time frame and benchmarks for getting this situation cleaned up?  

That being said we do know that the Federal Reserve is committed to keeping the benchmark Fed Funds rate near 0 for the foreseeable future.

They are not right nor are they wrong, they just provide a benchmark value but the risk will be yours.

What this means for you is that you'll likely have to work closely with an agent daily for a few months and be ok with having many good offers you make slide through before you get something that's over the asking price a bit.As Spencer Abeyta said, the 1% rule is just a benchmark and an old benchmark that is, in my opinion, quite outdated.

I am already having some trouble getting past the DTI benchmark on the 3-4 units I've considered--will the HELOC make it even more impossible to clear that hurdle?

The 70% rule is just a bench mark not a hard and fast rule.  

Generally speaking, I believe 30 days is a good benchmark.