HELOC- For 1st time investor

[Jessica Torres]

For the past couple of months I have been educating myself of real estate topics as I am looking to become a investor. Some where down the line, my mother who owns a multi-property in NYC, informs me that she would like to place the property under my name. The property is paid in full and and worth a substantial amount. Would taking a HELOC or a lump sum loan be the better option. What would be the best way to invest that money. My goal is to be able to buy single as well as multifamily homes and live off of the rent (long term goal) Ive also met with a broker who works with short sales, he takes on about 10 "projects" a year presents you with the short sales in area of interests (mainly Long Island) along with high and low comps, he asks for a percentage (unknown, at our discretion it appears) of the profit after the property is sold, he typically works with investors who buy and flip.