Keep us (me) in the loop about how things are going there, because I'd be in a pretty convenient position to get up there if it gets good.

The long explanation above conveniently skipped the fact that the taxes due on $35k at exit will be higher than the taxes paid on the $35k over the 5 years if the amount was not offset by depreciation loss.It’s ironical that the only way to realize the gains without paying taxes is to die.

It's not about convenience and saving money, it's about exposure.

Convenience. 

The leasing vs buying accounting is just a personal/convenient choice for us, so as leasing costs go up we just do another deal to cover the lease payments.

It seems to me that the reason renters are willing to pay a premium every month really boils down to 1) They can leave when the lease expires if they so choose, and 2) The convenience of not having to pay the expenses. 

Just ask the folks who own Rent-a-Centers, convenience stores, and Buy Here, Pay Here car dealerships. 

The difference between a direct purchase and buying turnkey is what I call the "convenience fee."

Everyone wins.A HELOC is the convenient answer...and in my opinion... the wrong one to limit downside risk.  

I started focusing on the online tools because it was more convenient for me to have access on my phone.I enjoy crunching numbers, so I don't mind sharing at all.