Ideally, it'll work out to where you have a good pulse on the market(s), and you can sell your current property vacant and in good shape and get market value for it.

And I’m no expert (still trying to figure this part out) but I believe once you close and get the home rented out you can refinance the home and if the numbers work out then you can get your down payment back to pay off your HELOC by tying it into the rentals refi at a lower fixed rate. 

Feel free to reach out with any questions, or if you or someone might have such a potential deal that we can work out. 

You would either work out some sort of loan modification to get them re-performing, get a deed in lieu that will get you the property without foreclosing, or foreclose the person. 

They work great if both parties perform, but are hard to enforce if one party breaches.We've had them work out, but only because there was a lot of mutual trust.

So, here, there are multiple community notifications, community hearings, meetings, comment periods, pre-application sessions, and zoning submittals (our land use processes can take up to two years to complete). 

It may work out, but what happens if the stock market goes down and there's a margin call?  

Just happens to work out when personal questions come up. 

The number seem to work out to a palatable cash flow of 300-400/month with this refi and lowering our payments, after accounting for capex/repairs and not including property management. 

Should things get worse, Fannie mae will be forced to offer work out programs like HARP.