It looks like, for most places, I would barely be breaking even..

This lead to all sorts of problems and incredible toxicity from which I barely emerged sane.

.$15,000 might let you get your foot in the door, but just barely.  

Property is barely 50% occupied with a lot of rehabbing needed from the information obtained so far. 

Is it bare land?

The issue I had more so lies with having illegitimate buyers.

I also own property in San Diego ( I bought all the way back in 2002) and at first I barely cash-flowed, as a matter of fact, after factoring in gas, time and other maintenance projects I think I was either breaking even or in the red. 

DCR loans will sometimes go as low as gross rents (with no deductions for operating expenses)  just barely enough to cover the mortgage payments.

Usually interior renovations won’t heavily impact HELOC. most appraisers barely do a drive by and run comps based on sq ft and local sales. 

My cash flow after all expenses would be just barely $400/month.