I'd keep that heloc available for when smaller renovations that you can easily cover with your cash-flow.Good luck!

Usually these owners are well connected in their city and can be tracked down fairly easily.

Burnt out lightbulb, toilet flapper not seating, worn agitator dogs, bad ballast in fluorescent lights, faulty circuit breaker, leaking wax ring in commode, loose p-trap cap connecters under sink, modem has reset to factory default, thermocouple needs replaced on hot water tank, filters need replaced for central heat/air, ceiling fan needs balanced, lint trap on dryer is torn, source input needs reprogrammed on HDTV remove, headboards too close to wall and making impact damage. 

I think this is a very easily duplicated model and a great plug and play for tourist destinations with old, outdated B&B's. 

It cost thousands of man hours of labor and cannot be easily created to deal with inefficiencies in the market.

I do this for every rehab, and for me, it's a personal walk-through of the house that I do myself, not a checklist for someone else (and I'm normally big on checklists and delegating, but not for this super-critical task)...In fact, this is one of the few things that I don't trust to my contractors, my project managers or even my wife to do...you only get one chance to impress a buyer, an inspector and an appraiser, and if there are punchlist items that aren't fixed, you can easily blow a sale or take a hit on price.Basically, I step into every room, look at every wall, carpet and ceiling, open and close every door and window, test every appliance, test every electrical fixture (I even use an electrical tester on all the outlets), test every plumbing fixture, test the HVAC, etc.At first, I would walk around with an inspector checklist...but it's all second nature.

Once you complete the rehab, you can easily refinance into longer term financing. 

This can easily be taken care of through a certified check, wire, money order, or cashier's check. etc.

Are you very detail oriented or just go by the seat of your pants?

I've created several LLCs for different purposes (coaching business, rental business, etc.) very quickly and easily myself through my state's secretary of state website.