My question is whether or not I should execute a HELOC.

States vary on how default must be treated with varying degrees of the Vendee earning a right of redemption over time or immediately upon execution.  

This still happens from time to time even with sound planning and validation, and that is where having multiple exit strategies becomes important, which I believe a properly executed BRRRR strategy should have.Also, good point on the low end limitation ...

For a short term or executive/corporate rental I would highly recommend buying in the downtown Sacramento area.

The building would be a prime location for a developer to make executive suites for professional offices as it is literally blocks from the court house.

Thank you for helping these young people see the opportunity that was there for them rather than take advantage of their ignorance and vulnerability.

@Russell Brazil  my last real estate brokerage was Real Estate Executives  I used to get nasty grams from Realty Executives  legal council.. just filed them in the circular file.. unless they were going to litigate which they never did ..

Deal doesn't have to necessarily be "amazing", it just has to be attractive enough that you can sell it and your ability to execute your investment strategy and generate your target return while minimizing risk... so again, having a track record is important.  

The benefit to me when I have successfully executed this in the past was on properties that had great cash flow potential and the seller was just tired of the property or retiring.

If it does, maybe you could try estimating those small jobs, acquiring quotes and executing the contracts with those.