All this to say, a voluntary vacancy in January is filled with temptation to either lower one's standards or pay a high price in utility bills, insurance premiums and potentially emergency repairs. 

In essence, let your renters pay for the repairs, not your equity.  

See the Zillow link for the property below; interior is only 2,000 sq. ft not 2,556 (2,556 includes the garage)https://www.zillow.com/homedetails/600-N-13th-Ave-...Work for this house would include turning it into a 3/3 while leaving the existing 2 car garage, 3 brand new bathrooms, remove the wall separating the kitchen from family room, refinish and/or replace kitchen cabinets (countertops will be reused), replace all exterior doors and windows with new impact glass, new HVAC system with duct work, minor electrical (high hats, new fixtures, inspection repairs), paint, new casing/baseboard, and maybe new interior doors. 

The crap repairs post earthquake plus the lack of restoration make it high risk.

Many mobile homes have land lease fees that can cost several hundred dollars per month or more, if you buy a home that needs major work where will you get the money for the repairs? 

It's your responsibility to make necessary repairs. 

It seems to me like the HELOC would be better for short term usage, such as repairs on properties, or flips, but less optimal than a traditional mortgage for long term buy and holds. 

Diego Martinez what are the properties worth is perfect condition (ARV) and what are the repairs?

I have been on the buyer end of things for an FHA loan and it almost fell apart because of repairs that had to be made to meet FHA standards which wouldn't have been an issue if it was  conventional loan. 

But I just have a few questions and concerns about contracts, how to market effectively to sellers, how to know what repair cost will be for damged houses, and etc.