I had a close call with a frozen water line years ago, that made me look into water line/sewer line insurance.

actually, on second though- sue the seller ASAP- and have the accounts frozen.

So how do you pay for the rehab costs and is that expense frozen in the property?

Regarding if you should DIY manage or hire a PMC:Many new investors read a couple of posts and then think self-managing their rental property, and avoiding PMC charges, is an easy way to boost their ROI.The reality, is that many of these investors really haven’t taken the time to properly understand what it takes to properly manage a rental property and the corresponding tenants.Here’s a list of some of the requirements to properly manage a rental property:Knowledge of all local municipality, state and federal landlord requirementsIntimate knowledge of all Fair Housing statutesUnderstand all federal privacy laws, as they’ll be handling social security numbers and IDsProper business insurance in the event their computer is hacked and or they improperly dispose of tenant data.Where to advertise their rental, other than ZillowWriting ads compliant with Fair Housing statutesCreating a process to accept calls/texts and schedule prospects to show their rentalA rental application and application fees that meet all local and state requirementsKnowing how to screen applicants to avoid professional tenants and the growing amount of fraudulent dataA lease compliant with all local, state & federal lawsUnderstanding local and state requirements regarding security deposit collection and holdingRent acceptance options for tenants and accounting system to track, including late fees, etc.Plans to handle nonpayment of rent issuesKnowledge of their local eviction laws or access to an attorney familiar with evictionsHow to accept, track and respond to tenant maintenance issuesBuilding a list of handymen and contractors for maintenance and turns between tenantsExpertise at evaluating tenant damages to charge against security deposit when tenants move outResearching local utility requirements to avoid suspension of services that could lead to frozen pipes or flooded basements, etc.

Along with those that did not realize that HELOC's are not fixed term loans.. they can be frozen and called unilaterally by the bank..

Evictions have been frozen and when they start again, I fear the courts will be clogged for years.  

I have a heloc on the property but have wondered if it will eventually be frozen if the market declines significantly.

In fact, almost every bank will allow the HELOC to be in first lien position which reduces your risk of having it frozen immensely.

The weather gets fairly cold in the winter and when the temperature drops to 5 degrees and a furnace goes on the blink expect to pay 200% more than the average cost for a repair, or pay for water damage caused by frozen water pipes.

Had I not gone to the property would have had frozen pipes.