First time investing

[Nicholas Wilson]

Hello I have been researching and thinking about buying a rental property for a long time. I currently have a young family, house and mortgage. I have been thinking of buying a place in my area and using a HELOC for the down payment. A family member has agreed to partner with me to help me make any payment that I might get until I get a renter. I'm not sure if this is a good idea or not. I'm very confident that in my area I can buy a house for around 60k and get a renter to pay 700 a month or more. I'm just wondering if anyone has done anything like this and if you would have pointers.. my wife is very nervous about doing this and I need something to calm her nerves. Thanks..