For all you Dave Ramsey acolytes out there I invest in real estate now because without additional income my ability to pay off my student loans at my current salary (which is a good salary) plus living expenses etc... would mean not be able to pay back those loans and be debt free for at least ten and maybe 15 or 20 years down the road.

This deal may work better as a Buy and Hold Rental using conventional financing to acquire the property.  

My question is would it be possible to get another HELOC, or home equity loan, etc. for an additional 30%-40% possibly?

I am in the middle of acquiring a lot zoned for duplex and it is only 3,700 sqft.

My short term goals in real estate are acquiring a buy & hold property near the Jacksonville, FL area.Looking forward to meeting and working with everyone!

Growing up, I helped my parents with their house flipping and rentals, so I've witnessed what REI can do, I just hate that it took so long for the light bulb to go off.Current State:I am looking forward to gaining as much understanding as books can give me, but mostly eager to acquire our first property and learn while doing.

Can you post any additional details about your deal? 

I'd say that after the job is completed, I might need to revisit the project to make additional minor repairs to the garage, and the money is intended also for electricity needed for the minor repairs, if they ever come up. 

(Sorry for the additional questions, but I know I would have these questions in my sleep.)

. (~15k) Additionally, sounds like you are living in it.