Because we have stable W-2 we can be more selective in our buying and don't have to spend every night and weekend rehabbing in order to get $200 cash flow to put food on the table. 

I get letters daily and chunk them all.

I can see where this could be more "active" however I would plan to have an onsite manager and events coordinator to handle these issues on a daily basis. 

(Interested is calculated at daily rate not monthly like a traditional amortized mortgage)The goal is to use the HELOC to buy an investment property thus savings on cash out refinance fees and then pay down the HELOC over the course of a year.

Better yet, without goals thought out, written down, and reviewed daily action becomes pointless.  

I don't plan on having much in the way of expenses either, I wont have a car payment and I'm planning on a monthly budget of roughly: 400 on gas and insurance, 200 health insurance, 500 on food, 100 phone, 500 for entertainment and any unexpected expenses.

We thought about buying precious metals over real estate, however every time my wife reminds me that it's easier to go buy food with money we collect in rent than it is with a gold coin in America.  

Great food for thought.

In the scenario above I was on the job site daily, did a lot of the work.  

anything is negotiable but its about 30 percent to manage and bit extra to find guest for your daily rentals