I bet there is going to be plenty of turnover which means several hundred $$ to make repairs every time someone moves out.$600+ for a one bed one bath with 2 other units right next to you is WAY over priced. 

Also you want to know if there are any security deposits and/or ;last months rents that need to be transferred to you as you can bet that if the tenant leaves they will claim they gave the previous landlord both of these items!

I am aware of many agents who have wholesaled deals, some of the biggest wholesalers in this market are licensed agents, ethically it appears no different than double ending a transaction which is a very popular tactic used by agents to squeeze every cent out of a deal.

With that said, the HELOC is definitely the best bet because you only pay interest on the money you use. 

Seems like Petersburg is becoming more popular and it's definitely a lot lower priced market than Richmond.

Or, if Santa Barbara does not permit any STRs at all, they might just be betting they won't get caught (not a wise course of action, IMO).Definitely do the research, because if there's a way to do it legally, I'm sure you could make a killing from an apartment like that.  

Yes yes this is my own personal definition here, just go with it.If you are on BiggerPockets, and you have a business as an investor, and you want to become wealthy doing this...And I bet we all are...You don't do the work yourself.

To add to Steven here on #4, don't bet on appreciation in Worcester. 

Your best bet is to try and locate the owner and buy directly from them, the best scenario for you would be to get the property for the amount of the back taxes and maybe a small amount to the owner.

Most of the big guys do have seasoning requirements so your best bet is probably local!