Typically a HML is very short lived and costly.

You apparently aren't aware of my typical role in this scenario.

Dan,A typical property management fee could range anywhere from 4-10% of gross rents (larger properties get the better rates due to the economy of scale) in addition to a per door bookkeeping fee, let's say $5/door.

Condos typically have higher interest rates on loans, are harder to sell/have more limited exit strategies etc.

I typically borrow hard money at 8-10% interest, 2pts, 1-yr term, and 90-95% LTC.However, the only way I can think of making this work is if I take title in an entity with the borrower, essentially a partnership. 

Hopefully you have done all of the research as what I have found is that typically locals have the market expertise and OOS investors often do not. 

The downpayments go to 25% and you will need 6 months reserves, of PITA typically.  

Typically on a BRRR you buy and renovate and turn it into a value add where you gain equity from the renovation. if the house has been renovated already not sure how much there is to gain besides regular appreciationTrue BRRR example is buy for $100k, put $30k into it, new value $175, refinance it for $130k (get $ back) then rent it for positive cash flow.

You payment will typically be a monthly interest only payment.

Typically HELOC purchases are treated as cash come time to close at the title company, but it's not like I'm dipping into my savings account to purchase.