Once you have all those important numbers, a SPOT on rehab budget with 10-15% contingency, then you choose your profit, then you get your offer number. 

But not as many venues can handle larger affairs of 200-300 guests, so there's less competition in that niche. - Do you have adequate parking?

New LL's consider all rent as "profit", less the obvious taxes and insurance.  

Are you suggesting I should've brought this deal to another investor and split the profits that way?

There are some HOA's out there that will only allow a certain percentage of units to be rented out and may have some other restrictions in the CC&R's.As for your question, the "best" way of doing something in real estate is typically subjective, but having a HELOC payment, in addition to the mortgage, taxes, insurance, and HOA dues, just increases the chances of having a less profitable property or one that may not cash flow at all.

We sold 17 units at substantial profits and carried second mortgages on them prior to the crash.

If all works out we stand to make a nice profit which we will look to reinvest most of it, but may take our ten year anniversary trip to Bora Bora next year...at least it's a nice goal!

Renovations and maintenance are costing most of my imagined profits now but I believe I'll get to a place where the income will build.

Appreciate your insight Dan, I can see why this is important.Out of curiosity, what metrics do you use to decide whether or not an investment will be profitable as a hold and rent property ie Cash on cash return, appreciation etc..

Typically you need an exit strategy for any HML because you don't want to pay the points/fees for a long period of time, as that will eat into your profits.