The property was occupied (still is) with 1 tenant that I am now having the exhausting pleasure of evicting. 2yrs later, said tenant continues to try every angle to delay the court granted Marshall’s execution.The “2nd” floor was poorly renovated (bad contractors), new tenant moved in and a year later, another eviction process has started as they lost their job and refuse to move or pay.Stuck with a very large mortgage bill (that I am paying), utilities and making small repairs to keep the property up also noting the casual 311 complaints from both tenants. 

While living in the other unit, I invested $5,000 in renovations and later found a roommate paying $750.

Quote from @Mario MoralesMorales: what if he got a HELOC, used the funds to get a property, then cashout-refi the new property and pay off the heloc?

I like the idea of using a HELOC for value add projects where you can refi in 12 months to pay back your HELOC.

Don't pay ANYONE or any company a dime outside of an appraisal until the deal funds.

Quote from @DR Rearwin: Be aware that if you purchase a property as your principal residence, and later convert it to a rental, the lender may have the option of calling your loan and making you pay it all back immediately, since you have changed the use of the property.I never knew that.

You get 1% per month which means 100 months to return your initial investment. 12% per year.

Meanwhile, bank money market paying 7.5%. 

I am scared to pay for the lack of interest. 

We explained to him we would pay for probate and pay to fix up the house to get it rented.The lease is for 5 years but dissolves once we close.