However, for someone who is confident they can sell above the breakeven point to cover those fees (which would be about $500k in volume annually in a region with average home prices of $100-120k), the income potential is much greater with the 95/5 split.

Make sure to cover these scenarios in the offering documents.- It’s better to start with a small fund and have it sell out than to start a huge fund that doesn’t fill up, Just better for our track record and marketing.

I have probably spent 30k in rehabs over time and ten years later the propery is still only worth 125k (and is due for a new roof soon). 

Garage demo'd, roof redone, some plaster work etc.

Obviously, if I had $2300 annual cashflow x 3 that can easily cover the HELOC interest payments + about $2000 of free cashflow.

Marketing has been fulsome, price reductions have been aggressive and though a refi into a longer loan is an option, we're not in a position financially cover the holding costs much longer.

Now the key to doing something like this is to make sure you use the HELOC for an investment that will more than cover the HELOC payment. 

Would your purchase price cover all principal, arrears and legal fees or was it a short sale?

I recently purchased a MFR and have a leak in the roof. 

I know there are niche sites that cover some of these, but is there one master site that does the most?