It may make sense to save a bit more and invest from a position of power.Keep in mind most helocs are adjustable.

If I already have some properties under my belt and they are cash flowing, I'll be much more willing to save time by using paid tools etc.

Buy and renovate the property and in 6 months do a simple cash out refinance and pull out some cash and start the REI process all over again.I am North of you up in Pinellas County West of Tampa and there are also some great places up here that might save you some cash. 

I did save some money to have as back up.

It sounds like you’re in a great position to get started—$100k saved up and a clear goal are huge advantages.

I would lean towards recommending that you pursue the deal - plus having the property remain in your family may be a net positive for you and your extended family regardless of the ultimate financial return. 

For more info on Cleveland you'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods.

LLC will not save you taxes.This post does not create a CPA-Client relationship.

If you end up in Cleveland you'll want to read The Ultimate Guide to Grading Cleveland Neighborhoods to give yourself an in depth idea of the market.

Good Morning,I am a former Claims Specialist with the Social Security Administration and currently unemployed homeowner who is looking for guidance on how to gain property management experience here in the Central Coast of California.My wife is the only one working at the moment, so times are tough to say the least.We're looking to rent out a portion of our home in order to save up enough money to purchase our second home (or multi-family unit), rent that out, and begin to expand our portfolio.