While there are interest-only loans, it's far more common to have a mortgage that amortizes over time, which essentially means that you pay interest plus an additional amount towards the principal so that you gradually pay down the loan over a period of time (i.e. 15 or 30 years).   

Finanacial info:Purchase price: $237,300 (2004)Amount seller owes: $361,768 Principal $265,787.33 Interest $12,000 Taxes & Ins $20,748.29From tax records it looks like there was a second mortgage taken out in 2012 for $30,996.Comps in the area range from $175K to $265K

Part of $1,733 will be taxed at a higher rate, as depreciation recapture.Future payments are not amortized evenly. 35% of the principal portion of each payment will be capital gain, and that number will be different for each payment.

Came across this on the Fannie Mae website:" Treatment of the Income (or Loss)The amount of monthly qualifying rental income (or loss) that is considered as part of the borrower's total monthly income (or loss) — and its treatment in the calculation of the borrower's total debt-to-income ratio — varies depending on whether the borrower occupies the rental property as his or her principal residence.If the rental income relates to the borrower’s principal residence: The monthly qualifying rental income (as defined above) must be added to the borrower’s total monthly income.

I do not take on part-time agents.What you are in essence saying is you want a principal broker to pour tons of time and knowledge into you for training on a MAYBE that you will eventually quit your job and come on full time. 

Taxes ~$5000 principal residence/~$7000 for rental, I believe insurance ~$1200/yr.Neighborhood is good/safe for renter's, likely will not appreciate as fast as other neighborhoods b/c many duplexes in this area.

First floor must be occupied and no accessory building can be constructed before the principal residence.  

A principal residence obviously doesn't qualify as a business asset.However, there is a rev proc that establishes safe harbor for rentals acquired in a 1031 exchange that are later converted to personal use. 

remember when you play with the numbers to include Property taxes and Insurance costs, as most calculators only give you Principal and interest payments, and in Mad Town, you can plan on Taxes and insurance to run you $300/month or more depending on how expensive the house is.

In most cases second liens are reserved for owner-occupied...but you may find something on non-occupied (though the terms will not be favorable)...Not sure I can respond fully without these details, but any HELOC's I've used in the past were from a primary and used for buying investment property...my approach is to fund a checking account from the onset with funds from the HELOC...so the debt basically services itself via EFT every month....if you have good terms your payment will be interest only on principal balance...