Lastly, set very clear expectations prior to partnering, and write them down somewhere so you can reference if there is a differing view in the future. 

I want to do whatever us most profitable and supports our overall goal in reference to keeping or selling the home in Corona.

They are staying in their current place from past 8 months and their current landlord gave good reference of paying rent on time,  but I don't see a reliable source of income to make my decision.Any thoughts?

The top attorneys are picky with their clients, so if they don't think they can win it for you and refer you elsewhere, take that as a sign, but definitely look at other attorneys as well. 

Hello, Does anyone have a credit union/lender/banker they can refer me to that will entertain a HELOC on a FL Investment Property for someone who is not currently living in Florida? 

Also your realtor might be able to refer you to someone who could explain or possibly help a little him/herself.

Please feel free to reach out to me directly or make a comment on this post if you have any references or links to helpful resources. 

@James Moen below are important points to know about self managing:Cross-reference Rabbu and Airdna to get an idea of what property can potentially earn, shooting for at least a 20% cash on cash returnResearch properties near yours on Airbnb to figure out what amenities sell and what you can add to stand outHire a professional photographerImplement a pricing tool like Wheelhouse, Pricelabs, or Beyond Pricing.

The potential tenants are aware that I'm the PM and neighbor.Rent: $1,600Tenant 1: a few years about of school, excellent previous landlord references, two jobs, seemed clean cut and put together, Gross Income to half / full rent: 6.77x Half Rent / 3.3x Full RentVolunteered dad (well qualified cosigner) who agreed to be cosigner and passed all screens.Tenant 2: Similar life status and feel as Tenant 1, lives with parents (no rental history), toured apartment with his mom, Gross Income to half / full rent - 3.6x Half Rent / 1.83x Full Rent.Would you require a cosigner for tenant 2 or is tenant 1's dad enough when combined with both incomes?

I think what OP is trying to refer to is that the general recommendation is to buy at 70% of ARV for a flip.That "rule" is very very general.