Just maximize your downtime to plan for all of the things you need to put into action as soon as you close to reduce vacancy and have processes in place so you dont need to scramble...

I have read a lot of personal finance books that talk a lot about reducing expenses, but I particularly like your philosophy of trying to eliminate big budget items for Americans like transportation and housing while spending more time on going out with friends.

(Too bad you can't expand that and reduce footprint of the tub.)If there's $, a wall mounted towel warmer could be a nice upgrade.

So total is around $820.This reduces my net/net from a $1100 rent. 

If you go under for financial reasons, it hurts a lot more than having a tenant move out of an apartment building since there are less people to reduce the burden and the vacancy period is longer.

A heloc is an open end mortgage or in simple terms its a high risk credit line similar to a credit card that sits in 2nd lien position adding another trade line to your credit and reducing DTI.Just like a credit card if you ever miss a payment on any debts on credit or if your scores drop unexpectedly they bank can close or reduce your line of credit.

Reducing your debt will improve your credit score, making you more bankable when the time comes.

It's a smart way to reduce or even eliminate your own living expenses while gaining investment experience.

This has reduced cap rates, increasing values tremendously, and with the continual influx of capital out of "less safe" investments into "safer" investments such as multifamily, cap rates should continue to compress, only lifting valuations higher.All this is to say, that in my opinion, Multifamily is still a great asset to invest in.

Your best recourse may be nonpayment or a reduced payment.