I thought they might be a great way to generate positive cashflow through AirBnB for a minimal cost.

We all started where you're at so no need to feel bad, but I wouldn't want you to waste time or money on something you won't enjoy.

Very minimal stuff in the units and they will be single occupancy. 

I don't "drive for dollars" in the biggerpockets sense of the word, because I have found it to be a waste of my time. 

The object of that exercise is to minimize change orders ($$$) and to be sure that all three contractors are bidding on the same specs.

If not, you could end up wasting valuable time.

If the answer is yes, then go for it.Also keep in mind another great advantage of the HELOC is that unlike the hard money loan where you take it all out at once and pay interest on the entire loan, you can break up the withdrawals from the HELOC to minimize the interest costs.

Usually you want a CMBS loan to only have fraud and bankruptcy as recourse provisions (very narrow instead of broad).When an assumption is done you can waste 6 months and not get anywhere.

We REALLY like the home and its location.We rent the house out with negative cashflow (about $200 which is very minimal impact to us).

You are right, I did waste my time:) I have no intent of ever renting a property and not paying the mortgage, so understanding the legality is of no use to me.