Owner Occupied Multi-Family/Commercial/Single Family

[Seth J Spears]

I am looking into renting out my current home that I can rent for $500 above my mortgage and purchasing and moving into a Triplex. I plan on living in it and renting out the other two units. The house needs alot of work, and I have a HELOC with enough money to probably fix everything that needs it. I need to make sure that, as I fix up each unit, I do it fast because I will need the extra money in rent to help with the new, higher, payment on the HELOC. The rent from my first home will more than cover the new place, even saving from current monthly mortgage payment. Any rental that is rented will be a bonus. Point being, does anyone have any advice or things that I should think of before diving into a Purchase like this. P.S. I am very handy and have personally remodeled 3 house from head to tow, only one of which was my own. It's worth noting that the Property is zoned SingleFamily/Multifamily/Commercial all three at once, but it is being sold as a single family so I can put less down. Anything Helps, Thanks!