I always evaluate my deals using Grant Cardone's worst case scenario, so if anything went south, or the market crashes it will still support itself and even cashflow.

I would also encourage you to listen particularly the podcast 223 with Scott Trench and podcast 108 and 250 with Grant Cardone. 

Granted you have access to all the cash upfront, a HELOC is still a form of leverage. 

Are there incentives for residential rehabilitation (State/Local Historic Reno Tax Credits, Low-Income Tax Credits, Grant programs, Development zones)Is it a pro-Union area?

I agree with Grant in that, at the beginning such as I did, you are going to have to put in the sweat equity.

@Grant Rothenburger @Logan Allec @Michael Sato

This boils down to do you subscribe to the Grant Cardone school of thought that owning is bad and renting is the better option due to the flexibility it gives you.

Also thanks Grant for confirming List Source, I’ve heard this a few times now so it must be a good one.  

I need to know every step not taking for granted that everyone knows of course "that" has to be done first. 

I would also advise to get on the podcasts and look up all the MFR podcasts (especially the ones from Grant Cardone) because his energy will inspire and give you reasoning behind MFR's and what you need to do to be successful.