My concern with Galveston is definitely insurance costs though for you.

You would then use a hard money lender or another private lender to purchase a property, including repair costs.

The hard money loan itself will cost me very little.

Not familiar with it, but as with most HELOCs, the analysis would come down to the cost of capital vs the ROI you think you can get on spending your home equity.

You can also look at furnished finders and see if Mid Term would be good and you can be consistent with prices and make sure you know how much it will cost to furnish and make sure the investment is worth it.

Not all units have it but we got a good deal with our vendor and 1 bug complaint can cost hundreds so our owners were on board as well.

the repair cost i estimated to be $200k... so i did not go for it past 1.4. 

It should give a good return, over next 6-9 months with either a gradual FED rate cutting and a great return with a Recession. another option is AGNC/NLY. 2 mortgage Reits that own billions of agency MBS, so as rates fall, their underlying bond assets will rise in value dramatically causing stock their prices to rise, and they pay hefty dividends while you wait, AGNC paying me >14.4%if staying in cash consider USFR pays 5.4% taxable, or BKN 5.6% tax free as munisGO TEXANS!

Going this route over high closing costs would save you more money as long as the work can be done in reasonable amount of time.

Saw a $40k price cut and made offer next day for full asking price and asked for $10k towards closing costs.