We have saved up quite a bit of cash, nearly enough to fund the types of properties we are looking at; however, we feel that the HELOC would allow us some cushion from the standpoint of not exhausting our cash and in case things went south, we could certainly pay back the HELOC.

Well once those people have exhausted their funds.

@Arron Paulino you can withdraw contributions from a ROTH IRA at any time with no penalty, and those withdrawals are treated as contributions first, then once cumulative contributions are exhausted, and only then, is there considered a distribution subject to tax/penalties before the qualifying rules (retirement age, 5 years, etc.) go into effect. 

@Levi Crabtree - make sure you have exhausted all other means of mitigating risk and have substantial equity and/or cash flow to protect, before looking into more expensive and convoluted asset protection structures.

If you do elect to install an exhaust fan, make sure to wire it on the same switch as the light in the bathroom - basically always on.  

Have you already exhausted the 401k loan option?

Calling an inspector for every walkthrough could be quite expensive, and calling contractors for every walkthrough could be quite exhausting for them. 

Then she did some tile work in a different apartment, she fixed a toilet, she cleaned all (12) bathroom exhaust fans, cut some closet doors and rehung.

I know this is not ideal, but have decided for now, I am OK with the solution.One unit is complaining about the smell of exhaust.  

All bathrooms require either an operable window or exhaust fan to meet code.