Needless to say I don’t sleep much.Experience:We have some limited experience in real estate.

I am not an expert on this by any means.. there is a fellow in Indy his name escapes me  I think its Ken Myer or something like that.. who is big in this business and he might even have a educational arm to his business.. its probably worth the money to pay to have up front training before you step into this big of investment.I personally see this as buying a on going business not really the rental business.my experience with my unit .. is it was only 44 units.. but really nice ones it was not big enough for on site management.. so if I did this again It would have to be big enough to have on site management to show the units and keep people from sleeping in them and hauling all sorts of garbage into them like a hoarder.Don't do as I say.. but when people didn't pay and went dark ..

But at least you can know what you are getting into.As @Brian Adzadi pointed out, you want to make sure it is up to code, any renovations were properly permitted and professionally done, and that there are no violations that can surprise you down the road.

Make sure you are using professionals at asbestos remediation.

Consumers still prefer to work with a skilled professional because of people touch, and local knowledge which can not be replaced by technology or automation alone.Sam Shueh Realtor

@James O NixThere is a saying in credit: "Let sleeping dogs lie."

So basically they are saying loud and clear they dont want any professional investors utilizing their HELOC only the accidental landlord or aspiring RE investor.None the less the product is stellar.

There is a BP team member who was interviewed on the podcast I work for, I believe it was @Craig Curelop, he short term rents all BR's and sleeps on the couch of his own home!

You'll be able to hire professionals management and will likely get a lot more appreciation in the coming years (while still only buying something that cash-flows).

Best way is to talk to a CPA or tax professional.