OR you'd have to do 2 separate transactions and incur 2 sets of closing costs/ transactional costs. i dont think its a bad play, a lot of people leverage one to help them expand to the next. another challenge you will have, though, is pulling something small like $50k out. most lenders rn have a $100k min. you might be able to find less but then fees/ points will be a little excessive. 

You do not need to have the property in your personal name, it can be owned by an LLC you're sole owner of without having to file a separate tax return.

That consists of buying a single family home with some form of separate living space to rent out as a STR and help offset living expenses.The DownsideLenders Calculate STR/MTR Rental Income Differently- From a lender's perspective, any rental income received on a term less than 12 months is NOT calculated the same way a traditional long term rental is.

This could be a way to guarantee a steady stream of income while still working on higher-margin deals separately.

I am going to DM you separately.  

Sounds like the whole separate website is needed MNDPockets which is a totally separate paradigm from buy 40 out of state rentals in Cleveland to replace your W2.  

Look at your personal resident and the rentals separately.4.  

We can definitely explore options for a mortgage on your $350k property to fund both your current renovation and the purchase of your next investment property.For the new property, we can also consider a separate mortgage to cover its purchase and rehab costs.Regarding the rural location, while it may limit leverage to around 65% of the property's price/value, we can work within these parameters.Given your equity position and experience, I'm confident we can structure a solution that meets your needs.

But the concepts apply across a wide range of topics, so I'm posting my TED talk separately.1.

One thing I forgot to mention, typically there is a separate SOL on the note vs the mortgage with the note having a shorter period.