Be prepared to pay points and high rates compared to a HELOC. 4.

The truth is, if you want to invest today in this area you need to be prepared to run your numbers differently to justify the investmentWhat worked 10 years ago doesn't work today.

Also we aren't sure if we are prepared to turn the whole house into a rental yet.

You also should prepare yourself (financially and otherwise) for this tenant to holdover at the end of the term.

A 4 bedroom unit would be in the $100K range.This means I'm looking for older homes in the older parts of the city.The buildings may be more rundown and need some extra maintenance but it makes it easier for me to get cashflow out of them.Your approach should always be to find deals, offer 15-20% under asking price, be prepared to negotiate, and lean on your team of experts for the heavy lifting. 

Not just friendly but one who prepares them to run your processes with clear expectations and benchmarks for success.

I have friends hitting good metrics doing it just be prepared to do a lot of hand holding. 

How much time have you spent on preparing a bullet proof lease, with every rule pertaining to your property imaginable?

The primary reason I am looking into this option now, is to prepare for future scaling as well as prevent items from falling through the cracks.

You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a tax strategist willing to work with you throughout the year, not just when preparing your tax return.You want an accountant who can help you strategize and who is responsive when you want to know the tax consequences of the financial decisions you are making throughout the year.Good luck.