Hi Angie, the unit already has a property mgmt firm and I accounted that in the cash flow.

I am specifically interested in SFR value add opportunities, as well as, 2-4 unit properties.

We chose HELOC instead of refi because we didn't want the rates to change (we got the first property during those golden days of 3% interest).I just recommend making sure the HELOC payment makes sense from a numbers perspective—consider the interest as another "expense" when you're calculating cash flow.

As a GP, I am involved in 1100 units $140M AUM. 

Also, the electrical panel is on the rental side and the AC is all currently one unit throughout the house.

In terms of mitigating your risk - particularly if you buy a condo - consider a newer building, steel or masonry construction, a unit on Floor 3 or above where Flood insurance wouldn't be necessary, larger buildings where costs are spread amongst more owners, and buildings with a financially healthy HOA (track record of good management, reserves in the budget to cover large capital expenditures, etc).

I'm on my second project, first was a single unit buy, fix, hold & flip in Antwerp.

I bought an 8 unit building 1 year ago with rents more than 50% below market value.

This may sound common sense, but I would ask if there is a tenant in place.

Meaning if I have a 10 unit building I don't want to lease one unit to STR.