Red flags for me include people who are overly optimistic without considering risks or those who don’t seem to have a clear plan for their contributions to the partnership.

do you plan to live in that property?

Michelle Wang,With all due respect, you should make plans to be in another business once you're out of Real Estate Investing (Residential, Income Property).There are Members of our MassRealEstate dot net Association that come crying to me about similar situations as yours i.e.

How do you plan to finance the ADU?

So don't let someone discourage you because their investing criteria is different than yours.As far as financing goes, there are options for financing if you have a plan for the property.  

The plan is to use the heloc to purchase additional properties, and basically brrrr and pay back the balance - then repeat.What I didn't realize is how difficult it is to find a business heloc.  

In the Houston and Katy markets, prioritize cash-flowing properties that can withstand current high interest rates, and plan to scale by reinvesting cash flow or refinancing when rates drop.

Congratulations to you for setting yourself a goal and having a plan in place to execute it. 

One other thing that people in their 60s can consider is - if you are planning on taking Social Security and making passive income part of what you live on, rental income may not count as income against your Social Security benefits.

Provided I can establish a solid investment plan tailored to their financial needs/comforts such as debt ratios and income, they would be more than happy to offer me some financial control.Additionally, If I wanted to, for the sake of building my own personal wealth, I admittedly have the luxury of taking a loan from my parents.