If you’ve been active in the area, I’d love to hear your take—what’s working, what’s not, and anything I should watch out for.Appreciate any tips or advice you’ve got?

For my account I pay $10 per quarter while the loan is active so only $40 a year to borrow this money. 

You have used home equity lines of credit to purchase investment rentals and want to know the best way to pay down the HELOCs.Between the two properties you bought, after expenses, you have $250 a month positive cashflow to use.What I like to do is pay down some principal every month with my positive cashflow.I use my extra active income from real estate commissions helping other investors to pay down the principal even more which just frees up that credit for me to use again.I know I can refinance the HELOC debt before it changes to principal and interest as it is just interest only payments as yours are.One difference is the cashflow, I have greater positive cashflow and could make the principal and interest payment in the future with the extra cashflow I already enjoy.I always get HELOCs on my income properties as well after purchasing them to pull out as much of my downpayment as possible.

I’ve never done this before, so I’m seeking advice on how to analyze deals like this.

Is anyone actively doing midterm rentals in this general area and willing to help some new comers out?

I'm going to follow this to see what tips folks provide.MikeHey Mike, I am actively investing there so feel free to reach out with any questions!   

*There was 10.1% more listing inventory in the metro and a whopping 30.5% more active listings on the market in the City of Austin.

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SO much of the program has to be executed, one by one by one, so I have to touch the same prospect/lead 3-4 more additional times to get it moved from list stacking, over to an active lead, and then into the dialer, and then into a drip campaign.

And even here, you still need to be "active" to research who you are lending your $$ to, and due diligence on the deal itself prior to investing your money.