HELOC is just a credit line, So you can buy/rehab and refinance with a regular loan in order to pay back your HELOC if you want or pay back the HELOC with time.Depending on the type (1% Payback or Interest Only Payback) if you borrow 80k, your monthly payments would be $800 - if you were renting for say $1000+ and covered all expenses, then you could just pay back your HELOC and if rates adjusted, your payments is still 1% payback - you would just have more interest added on for the life of the loan.I have a HELOC and opened it up to be able to fund my rehabs or have extra $ to close on a deal.

Even if you could save on SE tax the added complexity of an S Corp vs tax savings in the scenario would not be worth it. 

Final Note, my area is about 20 minutes from downtown St Louis across the river here in Illinois, investors from STL are picking off properties over here adding further scarcity.Just hoping to spark a discussion that might help me and others - where do you find your good buys?

Before I go and look at the dictionary(google) or urban dictionary(google) I will make it simple.

I find myself "googling" for every repair that comes up even though many of the jobs are small and could be completed fairly easily by a "jack of all trades" type (or me if I had more time!). 

You will not add much value to many of these houses by putting in a new furnace, replacing the roof, or adding windows but they will kill many years of cash flow. 

Adding a clarification is all that’s needed.

What is Estimated Principal Reduction and why is it added to my total return before taxes? 

The SEC simply knows that a stupid person who has $1 million in net worth can afford to lose $50k in a non-public offering more than a stupid (or smart) person with only $50k in net worth.Most of the sponsors I know do not want the added risk and administrative burden. 

She was also good at adding credits for damages based on the inspection report.