Heloc + brrrr + Nashville

[Lizzie Harrigan]

Can someone review my strategy and help steer me in the right direction? I’m new to REI and intend to buy my first property this year. I’m in a somewhat unique situation...I live in a home I own free and clear (~450k) and I intend to utilize the equity for financing. #1 I’m going to use my HELOC for down payment, then take a rehab loan for repairs, then rent it and refi into a traditional loan and hopefully earn enough back to pay off the heloc. Does this sound doable ? What am I missing? #2 I live in Nashville. The market here is not super friendly for me right now. Any Nashville investors have ideas about which micro markets I can focus on? Im considering Murfreesboro and Clarksville(for students) and Columbia for sf rentals. #3 I cannot seem to find the Nashville forum! Arg! It’s not showing up under local tab and there’s no search feature that I can find for the local forums. TIA!!!