Understand that it may be difficult for the tenants to find replacement housing, and especially with government subsidies playing a role, you may allow them a longer-than-average time to find new housing. 

Once you take out the HELOC, that goes against your equity on the property so a Cash out Refinance would be a little more difficult because you would have less equity.

I know how difficult it is to find good deals having 20 years of experience in development, appraisal, architecture. 

I'm concerned that because both tenants are long term they would be difficult to remove and I'd have to go through the eviction process. 

I agree with him, I think finding a legal, turnkey 3 family with parking under $400k is going to be very difficult. 

Its very difficult finding anyone that can do any kind of home maintenance , plumbers, electricians, contractors, etc...

That would be very difficult to track and get reliable data on.

Flat fees on the other hand, promote nothing, the manager collects his flat fee whether its rented or not and they get the same flat fee if the rent is $1000 or $1500 so why raise the rent.Bonuses can be given but very difficult for the PM to incorporate into a PMA and keep his business consistent with all clients.

Financing....so many have lost FHA approval now and while they just changed the rules to allow spot approval again, this can take so long, and may not even qualify, they can be difficult to resale depending on where you buy.2.

You can find the money if you really want to but if you don't know what you are doing you could be heading towards a very difficult and costly path.