So a fully updated home may command top dollar but a home that is fully functional but with a dated interior would rent for less.

That’s really the primary function these groups provide.2.

Yes, you have to look long term, and yes, rents should go up over time.You can find plenty of stories of tenants not paying rent for 12-18 months straight during Covid, eviction moratoriums, and you get the joy of repairing the property, ensuring heat/water/functionality with the threat of legal action from the city/county for non compliance, despite non payment.Do what’s best for you-planning to lose money on REI, regardless of length of time, isn’t best for me, so I would recommend to keep searching, or restructure the deal in your favor.

Property will be converted from office to STR/Airbnb and should be fully-functional vacation rental/STR by summer of 2022 What made you interested in investing in this type of deal?

There's no competition and we own golden 3/2 rentals because they are in desirable locations, transportation, size and function.   

On the opposite of the rental market there is a HIGH demand for safe, clean, and functional $800-$1900 SFRs.

University City is really big on it right now, as well as a couple of other North County townships.I would see what function is the driveway going to provide? 

Overall though, the cost on these don't seem outragous by any means and are mainly functional fixes rather than going over the top on cosmetics so at face value this seems like you should be able to comfortably move forward with it

I have had many problems with tenants clogging drains and then blaming "bad pipes" for the clog even though they were all new PVC and completely functional prior. 

The difference with a HELOC is that this product functions like a credit card with the credit balance being equal to the equity you had available to tap into.