I specialize in working closely with newer investors nationwide.

Amazing job on the property and outstanding photo shoots. 

So this clause allows you to apply money first to the late fee then the rent balance; so if they have an outstanding balance it is RENT (not a late fee), and you can evict for that.You are doing a good job charging and holding to your late fee.

If you can actually achieve the cash flow that you indicated, then that is a great options as the cash flow will improve as the rents increase and historically LA has outstanding property appreciation. 

If they are good tenants, I'd try to work with them and come up with a payment plan for the outstanding rent keeping in mind it will take them a while to pay it back.

With a HELOC, you only pay interest on your outstanding balance.

@Henry Clark this is outstanding.

Hi Gang, I'm a nationwide residential lender so if you have any specific questions about loan limits in certain areas, minimum down payments, structuring, guidelines, etc, feel free to ask and I am happy to help.FHA you can do 3.5% down 1-4 units but you must live in the property for a year and it must be financeable condition unless you do a 203K rehab loan.  

After paying off my partner, I now have an outstanding mortgage of $211,000 (This doesn't include the monthly payments made during the six months for simplicity sake), along with $9,000 in equity.I appreciate all feedback and critiquing any outliers.

I am able to pull comps for recent sales of 5-units nationwide with Costar.