If I just bought a home that's reasonably priced, maybe with something like "needs TLC" in the description, could that be profitable as a rental home, with the idea that homes typically appreciate, and I wouldn't have a mortgage?

All thoughts and experiences are greatly appreciated!!

That is the only way you can get your initial down payment out without waiting for the normal appreciation curve or, return on investment, to make it possible. 

Any stories, advice, or words of encouragement would be greatly appreciated right now while I'm trying to hold it together.Thanks!

Any advice would be appreciated!

Thanks Michael, I appreciate the information.

Very very very much appreciated!

I was considering our housing options for the move and they fall into two options that I'm considering: 1) Take out a  $60K home equity loan, and a $50K 401K loan, and dip into savings to come up with 20% down on a primary in the HLOC area.2) Rent for a couple-ish years at $3k/month until we save up enough for 20% downThis is sort of how I've been thinking about it: Option 1Pros:1) Only have to move once2) Appreciation on the house in the HCOL area over the two or two + years it would take to save up the down payment if I rented insteadCons:1) Reduced 401K performance2) Feels a little scary to pull equity out with a home equity loan since I've never done this and it was not part of my initial investment strategy3) Less cashflow from primary once it becomes a rental  Option 2Pros:1) Less stress about 401k and home equity loans2) Better 401K performance3) Better cashflow from current primary once it becomes a rentalCons:1) Two years of rent2) Two years of missed appreciationOther info that might or might not be relevant:  We have two modestly cash-flowing rentals besides our primary.

This approach would not yield significant immediate cash flow but could lead to equity growth, tax deductions, and property appreciation over time.

Where the rental income shines, the appreciation misses the mark.