For the most part, all of the real estate based operating systems are geared toward property managers, NOT investors.

You need to calculate your return on equity to see if it’s time to leverage that equity more, you also want to calculate your blended interest rate of the original loan and the the HELOC to see if that’s the best rate or if a cash out refi would be better.If I were you I would look at doing the same move again and buy another primary residence and turn your current house into your second rental.

@Jason Babos As long as you plan to use a property management company and the numbers on the deal pencil, I don't think it's too much to handle for a first deal. 

Using basic numbers, assuming I sell a property for $10M and after cost basis is accounted for and mortgage is paid off, I have a net taxable gain to me of $3M.I'd like to purchase a rental lake house property for $1M (funds coming from that $3M taxable gain). 

Hi Sahara,I am an agent and property manager specializing in STR's here in Big Bear Lake.

You need to look at the last six months of sales comparable to your  ARV house. 

I'm budgeting 10% each for property manager and vacancies, and 5% each for CapEx and repairs. 

The larger retail centers are more management intensive.

Interior and exterior renovations and improved management plan in order to increase rents closer to market and mitigate expenses.

Vacancy can vary, but if you work with a good property manager, you shouldn't have your property vacant longer than 60 days out of the year.