While there are some big positives (low maintenance), I don’t think they’re generally outweighed by the negatives of increasing HOA payments, reduced appreciation, and my biggest concern-changing HOA rules on rentals (what happens if the board changes the rental cap or eliminates rentals all together?). 

The pros on the heloc are not paying the money for a refinance and getting cash out (you eliminate that pro by refinancing prior and are only left with the con of the variable rate).

I assume its because the lender wants some assurance to limit risk to what is effectively their investment too, right?

If rent is due on April 1 notify him now for a rent increase effective May 1. 

It's amazing the negative effects rent control has had on the housing stock in areas it's in effect.

I want to stay local for my first investment.LoansFHA - The low down payment is very attractive but the self-sufficiency criteria eliminates every 3-4 unit home I've seen so far within a 25 mile radius of Los Angeles. 

It's those maniacs that buy homes cash via quit claim deed off of craigslist that really get screwed.Make sure your property manager is a licensed real estate brokerage.Google Clayton Morris Scam and/or Morris Invest Scam for a cautionary tale of what not to do when buying turnkey real estateUnderstand you can not eliminate all risk, only mitigate it.

At this point, we both have some non real estate debt that is lingering, and have differing views on whether or not we should eliminate that debt before going all-in with RE investing.If I focused on paying off my non-RE debt, I would be done by the end of this year sometime (November/December 2020 likely).

And we buy houses in cash eliminating agents all together.

I was wondering what effect, if any, this project will have on properties in the area.