Legal RequirementsIndiana landlord-tenant laws are generally landlord-friendly but require you to be diligent.

Your client should consult a real estate attorney to draft an agreement with the ex and ensure there are no legal or tax issues, especially since this is an investment property.

(For example, IF I was able to purchase the first home (multi-family) outright, paid-in-full, then use a HELOC to pay for the down payment and closing costs for the second home, would that be a smarter approach?)

@Anthony Finelli check your mortgage paperwork for the Truth-In-Lending form to find your APR.APR is your effective interest rate including interest, MIP and closing costs.If you can refinance the rental at a cheaper rate than the APR, then you should!

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

If you are looking to buy in PA, its possible you can qualify for PHA KFIT program that gives you a 5% closing cost forgivable loan.

The last two hours were with the legal team at MR and they confirmed there can be no other up front charges beyond the one month’s rent cap.

You have to get contractor bids to qualify, but ten you can do the work yourself after closing and build sweat-equity.2) Be very picky about the next property you buy and make a bunch of lowball offers to find a motivated seller, willing to sell under market.

But the 50% op ex ratio will be close enough for first pass. 

A motivated seller could say anything to close.