Here’s why this can be a great option:You can lock in a lower interest rate on the HELOC since it's based on a primary residence rather than an investment property.You keep your existing home, allowing it to appreciate while your tenants cover the mortgage.You now have two properties working for you—one generating rental income and another as your new primary or next investment.For analyzing rental cash flow, some key numbers to look at include:Expected Rent – Research what similar properties in your area are renting for.Mortgage & HELOC Payment – If you use a HELOC, factor in the monthly cost.Operating Expenses – Taxes, insurance, maintenance, potential property management.Cash Flow – What’s left after expenses and mortgage payments.If you do decide to sell instead, you can also use that equity strategically—whether for a strong down payment on a multi-unit, house hack, or another single-family rental.On the networking side, attorneys and other key professionals can be tough to find in everyday settings, but real estate investor meetups, Facebook groups, and local REI events are gold mines for connecting with them.

If we purchased now and took a few months to get it all set up, we wonder if that would be too late???

So, if your property has all bills paid by the tenant, you will deduct from the voucher amount the set amount by bedroom count for items like water, electric, gas, etc.

For consulting with a CPA.As mentioned above you can simply take monthly distributions, but what is most important is how you are set up. 

Once it’s set up, though, payments tend to come like clockwork, which is one of the biggest perks.That said, it's important to remember that rent isn’t necessarily guaranteed forever like a lot of folks assume.

Of course, everyone gets to set their expectations.

It requires registration, so there could be some fees or work involved in setting up.

I'd also recommend finding an investor-focused agent in that market, sharing with them your buy criteria, and then having them set you up with an email list for properties that get listed. 

This plan covers 24/7/365 troubleshooting services from Lula's experts (such as guidance on resetting a circuit breaker), tenant coordination for scheduling repairs, and access to a network of vetted professionals.Once you're subscribed to Lula, you can set aside a pre-approved amount for repairs, which can be used without needing to contact you as well.

What are your long term goals (eg do you want to buy another house) and do you have a large savings set aside for unexpected expenses?