This option doesn't quite get you another LOC but may be an option if you aren't looking to tie up your money for an extended period of time... look for delayed financing options.

I wanted to extend a thank you as I have been able to learn an incredible amount from the forums, blogs, and pod-casts.

Nothing is guaranteed - if rents go down even more than that for an extended period of time and values go down making exit expensive, I will be bleeding my net worth off like a sacrificial goat but my strategy is to hold long, long term.

The best part about it is the fact that people are ready to extend their help to investors who are just starting out.

I thought of the issue you bring up with the seller extending his line of credit on the HELOC after the sale.

That would extend the remaining term improperly if missing.  

It also extends the economic life of the property - which only helps from a cost approach standpoint.  

I would expect shoddy edging, extended time between mowing and patches of missed areas due to someone doing what is required vs what they want to do.If you buy her a lawnmower and she hates mowing it could sit there while she gives a neighbor kid $10 a week to do her part with his own "hand me down mower".

I would like to leverage, buy not overly extend myself.

Does this charge usually get auto-extended or will I need to sign-off on anything stating I do not want to move forward?