Do the rehab to force appreciation and it will also result in getting more cash flow when you rent it out.

If you could do that, then landlords would just put "I agree the landlord can force me to leave at any time for any reason, keeping all my money and I forfeit any right to dispute it in court."

Then force appreciation through repairs/upgrades/ADU and reap the benefits of CA's high RE appreciation.

My hometown moves the excess cost of recycling on to the residents versus forcing everyone to subsidize it to make everyone feel good.

The HOA of the condo I lived in cannot project it's expenses correctly, does not collect enough monthly dues, fall behind on it's bills such as electric and gas for central heating, and forced to have special assessments to pay them to prevent shutoff.

I'll chime in on a few topics:1) The LOC will impact your ability to get a mortgage, especially if it is unsecured (which it appears to be). 2) yes3) I always use a PM, even if I were to buy locally. 

If the market turns before year 3, it could limit your options and force a decision which is less than optimal. 

Yes you can make big mistakes, but the market will cause you to learn from those mistakes or simply force you to wait them out. 

I recognize the Covid STR ban impacted my STRs (similar to how the arbitrager would have been impacted), but the difference is I had the upside previously.  2019 I averaged $15k month rent on a property that we purchased for less than $400k.  2020 was way down but I had already reaped good profits previously because I was the beneficiary of the upside.  

I have just started using the calculator to analyze properties.I have noticed that when I enter data as a cash purchase vs. when I enter 25% down, there is little to no impact on the CoC number.