We're close to the finish line on an out of state BRRRR project; since most of the BRRRR chatter is from people that are thinking about it or people that have something to sell (looking at you, Ohio crew), I'd thought that I'd share a realistic perspective. 

Right now the median price of new construction homes is as close as I have ever seen it to the median price of existing inventory. 

Currently under contract on a property. Just got an email from Ally bank stating: “We recently received information indicating you are not currently living in the United States. Unfortunately we would not be able to p...

I can think of several reasons - but the bottom line is that since a HELOC is going to have a higher, variable interest rate, and a DSCR or conventional loan is going to have a lower, fixed rate... it wouldn't make any sense to have the BRRRR sit on the HELOC. 

Talk is talk, but valuations are based on closed sales not talk.

ASK your housing authority how long the wait for the initial inspection will take.My experience has been that you need to monitor these tenants more closely than others.  

It won't be 100% accurate, but it will be close enough.

Owner-occupants often get lower down payment options and better rates.As far as whether to take or utilize a HELOC for the acquisition my advice is a firm NO. 

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

Glad to know there are other BP members so close by!