I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

It’s an interesting approach, but ensuring a strong screening process and a legally solid agreement is key.

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Regarding next steps, I agree that the best way to approach this would be to have one person act as boots on the ground and the other person handle the back office related items.

We approached the existing lender for a loan assumption.

In-person interactions are great for building trust with potential investors.Real Estate Platforms:BiggerPockets: A robust platform for connecting with private lenders and investors.Fund That Flip, PeerStreet, Groundfloor: Online platforms connecting investors with real estate projects.Social Media Groups: Facebook and LinkedIn groups dedicated to real estate investing often have private investors or lenders looking to connect.Personal Network: Often overlooked, but friends, family, and colleagues may know individuals interested in investing.Private Money Brokers: If you're working on wholesaling deals, you may find brokers who have established relationships with private money lenders.Real Estate Agents: Some agents have connections with private investors, especially those focused on investment properties.For your 50% LTV, it's good to approach investors who may be interested in lower-risk, high-equity deals.

As I approach my move out strategy where I will be converting my upper unit into a STR, I often think of guest interaction amongst the two units.

I plan to use a HELOC but would be interested in the thoughts of others in BPs on this approach or recommendations if there are other ways to financing that I should consider.

Also, I just read that the the 2024 lifetime gift limit is $13.61 million and I will NEVER approach that amount.

I’ve seen countless stories of families choosing between groceries and rent, or parents juggling eviction notices while trying to shield their children from the stress.