Pulling equity from my house to start in real estate investing!!

[James Wesley]

Hi there! I am just getting started and in the process of pulling out equity (most likely from a HELOC) from my house here in Seattle. I am really taking advantage of my property doubling in value in the last 4 years.

QUESTION FOR YOU...What should I be considering and thinking about as I start this chapter up? Any first steps that I shouldn't over-look?

About me:

* Experience: I already have one property under my belt but it wasn't really purposeful since we moved from Dallas to Seattle 7 years ago and just decided to rent it out, which has worked really well...now time to expand. I can also do all of my own work: walls, drywall, plumbing, tile, trim, etc. Bigger electrical jobs I'd farm out. 

* Strategy: I am still trying to define my strategy, but leaning to focus on long-term rental properties (1 door or multiple) that I can densify or rehab to immediately increase value.

* Goal: Is to retire from corporate work (Project Manager) in 10 years to just manage and live off the income derived from my property portfolio.

* Risk tolerance: Higher (8 outta 10?) but I have to consider that I do have two little kids (3 & 7) and my at-home wife (not telling :) ) that takes care of them. I am the bread-winner.

* Market: Seattle primarily, but open to other markets if I have a solid team of people that I can lean on. Ideally, I'd like to start out  Seattle so I can get direct hands-on experience. 

Thanks for your insight!! 

James