Roofs, HVAC, Water heaters, kitchen and bath remodels, tenant turnover (typically repairs and maintenance) cost me much more than $220 per month.  

That assumption is based purely off of Zillow's estimate so who really knows, but in any case,- Would it be wise to go ahead and obtain a HELOC on the property even if I don't plan on using it for awhile?

Who pays the water, heat, hot water, cooking gas, trash, common area maintenance, etc? 

Personally I wouldnt recommend coastal areas if you are into long term hold - wouldnt want to take a chance with rising water levels.

I don't think messing with the name is a great idea and may actually land you in some hot water.  

Settlement may be caused by undersized pier bases, water ingress into the crawlspace, expansive soil, etc.

Here are some tips on how to cut costs and keep your property above water!

I need to replace the kitchen flooring in a condo due to a water leak.  

There are markets that are seeing massive growth, which therefore you could call "a better market", however at the end of the day the grass is greenest where you water it.I'd recommend building those broker relationships 1-by-1 or invest passively with an experienced sponsor team to get access to other markets outside of your area.  

What are you going to do if they move everything out and then you find the massive water damage, wrecked floors, and damaged walls?