Strategy Advice on the next step

[Kyle Miller]

Hello, 

I am a 37-year-old with a wife & 3 yo daughter. I recently lost the largest account I had for my home-based music business and am looking to transition to real estate investments. My income has declined exponentially after the loss of my largest account, but I paid off the home I live in 8 years ago and have very little overhead. 

I am thinking about renting out my home and buying another to allow the passive income from my tenants to assist with payment on the next one. Or obtaining a HELOC on my home to purchase an investment home.

My initial goal was to purchase a single-family home in an area that my family and I would like to vacation once or twice a year and utilize it as a short-term rental for the rest of the year, but alas the heavy decline in my monthly income from my business has me worried about this strategy. 

My income has declined so much that I'd likely need to get a co-signer for a loan and I have always been very resistant to taking on debt. 

Any insight/advice for my situation would be greatly appreciated. 

Cheers,

Kyle