Ultimately the benefit of the credit line would be purchasing a second property, lower mtg payment, no PMI in exchange of another debt which interest rates will only increase through time...is this the right reasoning or did I miss the mark?

Also, depreciation recapture is something to think about and discuss with your CPA, you may be overthinking this.maybe i am missing something  if your living in it you cant depreciate it at all .. and if your moving then grab the tax free thats the best bang for the buck on either side of the Ilse.  

Also if they have income and just missed payments, then workouts are preferred right now. 

If you miss them, just leave it where they placed it.

Any experience with any PM's in the area would be extremely helpful.b) I have a decent idea of what neighborhoods to steer clear of, but wanted to make sure that I'm not missing any.

Ill definitely be moving forward with the deal, I was just hoping I wasnt missing anything.

I cranked up my deal flow to a point where I couldn't keep up with the analyses and probably missed some strong deals in the process.

Also, what else am I missing that should be tracked in vacancies? 

Hi BP, I've missed you !...

If we go and clean between guests (we do that sometimes to take inventory and see if anything is missing), we keep it.