Getting Started into Rental Homes

[Alex Young]

Hello All!

This is my first time posting as I have just joined the site, loving all the available information so far!   

The idea of owning a rental home has always intrigued me for some time, it wasn't until the last year or so that I started to become seriously interested in it.  I work full time so Real Estate Investing will not be my full time Career.  I plan to focus mainly on single family homes in what I would call the more desirable part of town, with hopefully a few duplex/ triplexes mixed in.  

Here are my thoughts on how to structure my investing going forward, that I would like advice on...

• I've opened up a Home Equity Line of Credit on my personal home, in hopes of being able to get a better deal by offering a cash price rather than conventional financing as well as not losing a possible deal by having to go through steps of getting a mortgage. 
• I plan to file an LLC in which to hold/own my rentals in order to not only take advantage of the tax benefits but protect my personal assets .
  • I will also open up a business bank account for managing my rental income/ expenses 

Curious to know what others do or what they would do different.  Now i'm in the process of looking through listings to see what might be a good first rental to start with.   

Alex