Once the work is completed, I wait 6 months to a year to go to a bank for refinancing to take $40-$50K of equity out of the house and then essentially repeat that process.

Hi @Anthony Portugal,Nothing jumps out at me, except that you are posting this on BP because your LO apparently doesn't think it's important enough to make time to explain it all to you... that doesn't bode particularly well for how it's possibly going to play out once in contract and paperwork is flying 100 mph!

Tim, this looks like a good deal on paper, but I wouldn't consider it turn key, since you are essentially buying it pre-rehab and paying for the rehab (ahead of time).  

I've never dealt with any landlord attorneys before but I assume they charge a fee whether or not there is any work legal action or paperwork served?

@Riley Kuranishi I am not an attorney, but I would guess that you could not charge him a pet deposit, nor ask for additional monies or paperwork for a service animal.

@Shepard Solomon I don't think being overseas should matter, besides the challenge of time zone differences, but you should be able to get a local real estate attorney to do the paperwork to transfer the title to your LLC, vice your personal name.

But you're right, essentially, we're all investors and it sounds like a matter of personal preference. 

You've probably also heard that real estate investing, with its eight essential vitamins and minerals, can be an important part of this philosophy.When I was younger, single and had less common sense, my real estate investing/lifestyle design formula was not well-planned.

Essentially, since a HELOC works like a credit card, as you pay down the balance, the interest will be less and less, which allows you to pay off the loan sooner.The one thing I would be leery of is that most HELOCs are based on Prime Rate, also known as the Federal Funds rate, and the rate is adjustable.  

Sandy Springs is essentially at its pre-2007 peak in pricing again and while the wholesales are still possible, the condos are very challenging.