Automatic stay time frames dwindle with multi filings within certain time periods.

This is more efficient than individual LLCs for every property but still isolates liability.

However, I do recommend the NYSERDA energy efficient program to pay for energy improvements like furnaces, H2O tanks, insulation, windows, etc.https://www.nyserda.ny.gov/All-Programs/Programs/Home-Energy-Efficiency-Upgrades

@Eric O'neil Build a team around you that can bring in disciplines that you're not efficient at- do you need a RE Agent, Contractor, Closing Company, Partner with Money?

They are late and now past the grace period allotted by the lease.  

I am in the due diligence period and haven't closed on the property yet.

This is very convenient, in my opinion, because it helps you insure that you will have passive income for a longer period of time.

I have a copy of the bill sent to me each billing period but I dont know if they are behind until the next bill comes 2 months later.

If Resident should move from the premises prior to the expiration of this time period, he shall be liable for all rent due until such time that the apartment is occupied by an Owner approved paying Resident and/or expiration of said time period, whichever period is shorter. 

If you aren't thinking you'd be doing another rehab in the six month seasoning period, then the HELOC really wouldn't be of any benefit to you, you'd have no need for that cash until you can do the cash out refi anyhow.