These constant mailers should keep my firm as the one they call when they know of a deal.I have a few questions about pulling this off.

I never had an significant incident (again knock on wood) at that property (which had a visible security system,  other visible security features, etc) all the newer townhouses in the area are constantly seeing package thefts and car prowls.   

Some PMs and bookkeepers do this for bookkeeping purposes to more easily show the split between the income streams (same goes for late fees, laundry income, parking income, etc.).

What you need to do is acquire with the HELOC, renovate the property, place tenants in the property and show proof of additional income stream(s), and then refinancing should be no issue.

This home is in a constant state of ever evolving disorder.

I figure this will help me keep my own rehabs organized while also showing a stream of income for the handyman work that I do.

I find myself browsing topics I am dealing with and other topics that I may approach in the future, constantly listening to podcasts and reading.

W-2 job already lined up following retirement, plus multiple streams of additional income are in place.  

I haven't done one so I cannot say what the pitfalls actually are, but I would think the refinancing part might be the biggest challenge as the guidelines seem to constantly change.

Also, a great point for your realtor giving you lesser fees is that they have income from your home purchasing and future selling that provides them an additional income stream.