You have come to a great place to learn how to build wealth and income with real estate.

Wish you the best.If I was you, first step is evaluating costs associated with doing MTR and comparing with potential rental income to see if it makes sense to do LTR or MTR.

I know it seems difficult to turn down the potential income from this lease, but be patient, renting season is just around the corner.

Review your prior year income statement.How did your year go?

Whether or not he is solely using the rental income to pay off the property or not, he has the ability to pay down a mortgage efficiently. 2.

With Plus, you can use Classes to separate properties and accurately track income and expenses by unit.

It would take around 5 years to pay off the HELOC by using some of the monthly rental income from two investment properties.

Do you have other collateral, such as another income property or your personal residence (last resort) your seller could record their lien against? 

----------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Tax-wise, profits are taxed at your ordinary income rate, and frequent flips may subject you to self-employment tax if classified as a dealer by the IRS.