One thing i wasnt sure on was on the ARV, which judging from the pictures and since they are currently rented there would be no repairs made.

Meaning if you take out a HELOC to fix up your own house, doing roof repairs, new HVAC, sidings etc.

I pieced together a deal analysis spreadsheet and did my best to estimate the repair and maintenance items that would likely come into play over time, but I'm writing to find out practically speaking how people manage those funds.

Heloc. ..hard money...my money...to do costly repairs at rentals....or any other ideas you may have....

All this to say, a voluntary vacancy in January is filled with temptation to either lower one's standards or pay a high price in utility bills, insurance premiums and potentially emergency repairs. 

In essence, let your renters pay for the repairs, not your equity.  

See the Zillow link for the property below; interior is only 2,000 sq. ft not 2,556 (2,556 includes the garage)https://www.zillow.com/homedetails/600-N-13th-Ave-...Work for this house would include turning it into a 3/3 while leaving the existing 2 car garage, 3 brand new bathrooms, remove the wall separating the kitchen from family room, refinish and/or replace kitchen cabinets (countertops will be reused), replace all exterior doors and windows with new impact glass, new HVAC system with duct work, minor electrical (high hats, new fixtures, inspection repairs), paint, new casing/baseboard, and maybe new interior doors. 

The crap repairs post earthquake plus the lack of restoration make it high risk.

Many mobile homes have land lease fees that can cost several hundred dollars per month or more, if you buy a home that needs major work where will you get the money for the repairs? 

It's your responsibility to make necessary repairs.