I am in Pensacola now and the market is only going to improve.

Over the year, I did some improvements but did not get quite to the 20% equity, more like 15-17%.

Admittedly, on our second property (we had to use them again), they've been better, but it's a lot more micromanaged than I had anticipated and the trust isn't there - although that should improve over time.

Unless the property management company has a collection attorney on staff, they are not really equipped to handle the matter.

Then improved the vacant unit to attract a Househacker and put it on the market.

My neighbor is a Civil engineer , he ran the numbers for a guy 15 years ago , a basic campground improvements cost $75K per site ( not including the land ) 

Run you numbers two ways…as is, with below market rents, and as will be when you improve the place and raise the rents.

I invested cosmetic improvements into each of the 3-units year-over-year to drive long-term rental rates north as the rental market slowly appreciated through 2016.

currently HELOC rate is at 3.00%, down from 3.99% a month ago when the 6 month initial lock ended (i have over 9 years left on my draw period). now the rate is variable. the bank is hinting that the rate on the mortgage will be around 3.5% fixed. i don't qualify for traditional mortgage on my dti (but i do double my income with overtime and bonuses, and my wife will have a new income as well once we relocate) so our family friend is cosigning on the mortgage with me. the bank is writing it internally at 15yr with a choice between amortized or balloon. the building will need a new roof in about 5 years, and leaving $35k in the HELOC for that would keep me happy, so i'm willing to go up to $100k down payment if it makes sense. that would change my loan to $179k from $223,200, but also would tap any funds i might have for improving the property other than the roof, like fencing in the backyard and converting the third floor to its own unit. the new rubber roof would be more like $20-$25k but i like to be conservative. i have heard of people using their heloc to pay down their mortgage principal, which i could also do, but it seems to be a gimmick, and even if not may it be easier to just get a smaller loan amount to start?

My understanding is that material participation are hours that you are actively doing for your properties (day to day and trying to improve them).