To give you an idea of how we approach it, we assume the worst-case scenario right from the start is 9-12 months of no rent, $5,000 in legal fees, and an additional $5,000 in expenses to deal with moving their stuff, putting it in storage, and dealing with health code violations or NOV's from the city during the process. 

In addition to having cashflow to add value and push equity, I still have had decent appreciation.

The plan is to use the heloc to purchase additional properties, and basically brrrr and pay back the balance - then repeat.What I didn't realize is how difficult it is to find a business heloc.  

I've opened two additional LLC's with them since I last posted here.

If you used a loan to rehab your property and find yourself in a difficult position, doing a straight refi (just paying off the old mortgage) will be easier than trying to pay off the original loan and take additional cash out.

THEY ARE NOT LIMITED TO ONE PROPERTY.So, they can 1031 to 2 or more additional properties OR 1031 into a rental property plus a DST so that all the profits are used up in the exchange. 

Feel free to share updates or ask additional questions.

With some additions, this would qualify for the OMG category, but I think they didn't have that category back then when it was on the market.

Many insurance companies do not allow adding a landlord as additional insured.  

Hey Tim, If you are not using Hospitable yet that would be my first addition.