The HELOC is debt.8% ROI wouldn't be enough for me in a "normal" deal, but might be worth considering if there was very little capital required.

Also keep in mind you will need WC/GL which will cost around 20K a year for minimal volume, you will be on the hook for warranty and callbacks as well as taking on all the liability that the GC would normally shoulder. 

There is a lot of research you should do and if you are going this route I would be very upfront with everyone that this process can take twice or three times the normal closing time. 

Receiving copies of the leases and any financials submitted at the time of lease signing or after as required by some leases is normal and part of the Due Diligence process but not tenant interviews. 

Most of my tenants are Class C also.I'll be a little, a little, more flexible with late rent payments on long-term normally good tenants in Dec. 

Encourage the needed as I’m normally a super positive go get kind of lady!

@Matt FerchCommercial loan is normally the go to if the property is more than 4 units which is not the case here.How do you and the business partner own the property?

I know if you aren't putting 20% down you would have to pay PMI as well, but my question to you all is do you normally fill anything in for the other sections (Electricity, Water & Sewer, etc)?

So you will likely need about 30k for downpayment, closing cost, insurance etc so will be left with 20k. 20k would normally be somewhat ok for a small updates but since you are out of state, it will cost you about 30% to do this because you will need to higher more people.

The home uses 2 natural gas heaters (dyna-glo 3000 BTu), house was built in 1950 (older homes used these gas heaters as a heat source in the area) and is in the upperclass area where newer homes have been built and continue to be built ( which newer homes have central heat) , I just had the appraisal come back to the lender is saying that “” Appraisal stated The heaters aren’t normal for the area this is a comparable item The subject property doesn’t exist the area and/or comps used” so the underwriter won’t approve the refi , what do you guys think my next move should be?