But if she is late for more than 30 days, you need to be concerned. 

I suspect you learned enough that any hurt caused by some responses is a small price compared to if you had actually completed the purchase.Keep on learning and pursuing the good RE deals.Good luck

We eliminated both of those for multiple reasons.The one that I have access/easement concerns is interesting as it is surrounded by $1M, gated properties. 

Furthermore, unlike the typical Triple R, who constantly reminds you of how many years they've been selling real estate while they cause unnecessary and avoidable problems from day one to closing, who have the negotiating skills of a rock, Commercial Realtors are generally pretty impressive.   

My main concern about keeping HELOC funds sitting in a property is the interest rate is variable and your putting cash flow at risk.  

The problem is heat rises and then banks once it meets resistance so it causes a lot of damage to the trusses.

Your concern should be that you will never rent a 4 bed apartment with no living room to a 4 bed voucher.

Also, with no experience, this is a large project that will likely cause the banks to pass on it as your first.No idea about local build costs in your area.

I imagine the vacancy rate is reasonable, but the very small town was a concern (and still is) and it wasn't going to be very efficient for my team to operate there so I did not pursue that deal from 2 years ago.

Costin,this is common concern among self-directed investors.