Another thing to consider is the location that is convenient and has minimal distractions.  

Now several months later to my surprise it has defaulted again this time I did not receive notice owner told me.

You may be pleasantly surprised that they're willing to let it go for a lower price than you were planning to offer!

@Rick Gallo  I initially used the realtor that I purchased the property through (I recall they offered it as a convenience to help out of staters  satisfy that requirement).  

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

That's kind of surprising even though I know very little about Arkansas.

I'm surprised to hear that you are having trouble as almost all of the big banks and local credit unions offer HELOCS. 

Heck, that's the entire basis of Flipping, but that's not what you're going for.It doesn't raise your rent though, so it's not helping pay the bills yet.Rent is the wool, you can sheer that sheep forever.Equity is the mutton, it's nice, but you only get it once.Note: I'm a complete newbie, and wouldn't be surprised to be told I'm completely wrong.

The tenants loved the convenience.  

I'm very surprised to hear those kinds of terms for hard money, especially from someone coming from CA, where most of the cheap HMLs are.